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Buyers prepare for Dhanteras and Diwali amid changing gold and silver rates. (Img: Pinterest)
Mumbai: Gold and silver prices witnessed a fresh recovery on Monday, offering some relief to buyers preparing for Dhanteras and Diwali shopping. After facing heavy selling pressure over the previous trading sessions, both precious metals moved higher in international and domestic markets.
The latest rally comes as investors assess global economic developments, inflation trends and expectations surrounding interest rate decisions.
In early trading on COMEX, gold prices climbed 0.24% to around $3,908.30 per ounce. Silver also moved higher, trading near $49.795 per ounce.
The recovery followed sharp losses in the previous session. Market sentiment remained influenced by inflation concerns, interest rate expectations and developments in the global economy.
Domestic bullion prices also recorded gains on Monday morning. According to the figures available , 24 carat gold was trading at approximately Rs 1,38,850 per 10 grams.
Meanwhile, 22-carat gold stood at around Rs 1,27,279 per 10 grams. Silver prices were quoted at nearly Rs 1,79,460 per kilogram.
Actual retail prices may vary depending on the city, jeweller and applicable taxes.
The Multi Commodity Exchange (MCX) also witnessed an upward movement during morning trade.
December gold futures were trading at Rs 1,39,003 per 10 grams, gaining approximately Rs 518 from the previous closing level.
December silver futures climbed to Rs 1,81,094 per kilogram, registering an increase of nearly Rs 1,962.
These are futures market prices and should not be confused with retail jewellery rates.
Softer crude oil prices and reports of diplomatic discussions in the Middle East provided some support to precious metals. However, investors remain cautious about the US Federal Reserve's policy signals, dollar movements and global geopolitical developments.
These factors could influence gold and silver prices in the coming sessions.
Consumers planning purchases should compare prices across jewellers and check the BIS hallmark and purity certification. Making charges and GST should also be considered when calculating the final jewellery bill.
Silver buyers should verify purity and weight before completing their purchases.
