Today, November 18, gold prices were up roughly 0.2 percent on the MCX, reaching Rs 52,938 for a gram. Meanwhile, the price of silver increased by almost 0.4 percent (Rs 225) on Friday, reaching Rs 61,203 per kg.
Domestic gold prices increased after a day-long decline. A decline in the value of the dollar following statements made by numerous US Federal Reserve officials that interest rates would continue to climb helped to boost the increase in the price of yellow metal.
At Rs 52,938 per 10 grams on the MCX, gold prices were about 0.2 percent higher. Meanwhile, the price of silver increased by almost 0.4% (or Rs 225) on Friday, reaching Rs 61,203 per kg.
The increase in metal prices was noted as opening trading saw the dollar index edging lower. US Dollar Index Futures – Dec 22, on the other hand, increased 0.2 percent to 106.358 at 12:45 PM. With this, the rupee strengthened eight paisas from Friday’s close of 81.57 against the US dollar.
“The recent gain in gold was mainly due to expectation that Fed would scale down the rate hike in their upcoming meeting after data showed inflation eased in October,” said Ravindra Rao, CMT, EPAT VP-Head Commodity Research, Kotak Securities Ltd.
As concerns about demand were stoked by COVID-19 cases in China, crude oil prices also declined on Friday, adding to losses from the previous session. At the most recent count, Brent crude futures had fallen 2.6 percent to $90.4 a barrel. At the most recent count, WTI futures had fallen 3.8 percent to $82.4 a barrel.
On Friday, amid conflicting global indications, the Indian equity indexes BSE Sensex and NSE Nifty50 opened the session higher.
