Gold, Silver Prices Today: Precious Metals Rise As Crude Oil, Bond Yields Ease

Gold and silver prices traded higher on Wednesday, with precious metals gaining nearly 1 per cent in early trade as easing crude oil prices and lower bond yields supported demand.

On the Multi Commodity Exchange (MCX), October gold futures opened at ₹1,63,202 per 10 grams, up ₹320 from the previous close of ₹1,62,882.

The yellow metal later traded at ₹1,62,395, down ₹487 or 0.3 per cent, after touching an intraday high of ₹1,63,202.

September silver futures opened at ₹2,45,583 per kg, gaining ₹1,456 from the previous close of ₹2,44,127. It later traded at ₹2,44,200, while reaching an intraday high of ₹2,46,180, up 0.84 per cent.

In international markets, COMEX gold rose 0.11 per cent to around $4,699 an ounce, while silver gained 0.74 per cent to nearly $69 an ounce.

Market experts said softer crude prices, lower bond yields and a weaker dollar have provided support to precious metals.

Reports of discussions between Oman and Iran on reopening the Strait of Hormuz and removing mines have eased concerns over oil supply disruptions.

Gold has remained firm after recently reaching a more than three-month high, with traders now awaiting US inflation data for clues on the Federal Reserve’s interest rate path.

Analysts said MCX gold has been trading between ₹1,62,500 and ₹1,63,400. A sustained break above ₹1,63,400 could push prices towards ₹1,63,900, while support is seen near ₹1,61,130.

For MCX silver, resistance stands at ₹2,48,800, with a breakout potentially taking prices towards ₹2,55,000. Analysts expect silver to remain sideways to bullish.

Brent crude fell to around $88 a barrel, extending its losses for a third consecutive session amid easing concerns over disruptions in the Strait of Hormuz.

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