On MCX, silver July futures are currently trading at Rs 68,895 per kg while gold August futures are currently selling at Rs 58,445 per 10 grams.
Early Asian trading on Monday saw a little increase in yellow metal prices across the board thanks to a declining US dollar. However, the likelihood of further interest rate increases by the Federal Reserve this year to combat persistent inflation reduced the appeal of bullion.
Gold and Silver Prices
U.S. gold futures were up 0.3% at $1,936.10 per ounce while spot gold increased by 0.3% to $1,926.29 per ounce. With spot gold at Comex trading up 0.25% at $1925 per ounce in the morning session, gold prices resumed trading on a high note.
Following the Wagner mercenary group’s attempted mutiny, there was a rise in geopolitical anxiety as investors assessed recessionary indicators.
- Silver July futures on MCX: Rs 68,895 per kg, gold August: Rs 58,445 per 10 grams.
- US gold futures, spot gold rose 0.3%, Comex trading high.
- Gold and silver prices fell due to US Fed rate hikes and Bank of England rate increases.
The scenario in Russia comes after a trying week for investors as anxiety over recession worries increased as demand for safe-haven assets was fueled by bad macroeconomic data.
Last week, there was a lot of volatility in the price of gold and silver, which fell for a second straight week as a result of concerns about potential future rate hikes by the U.S. Federal Reserve and a rate increase of 50 basis points by the Bank of England.
Silver and gold prices fell as a result of the Fed Chairman’s pessimistic remarks, but precious metals held their value despite dismal U.S. flash manufacturing and services PMI readings. This week’s gold and silver prices are predicted to be extremely volatile, but new tensions in Russia may help to stabilize them.
