Gold and silver futures opened higher on Friday as investors moved towards safe-haven assets amid rising volatility in currency and bond markets.
Concerns over inflation also rose as crude oil prices strengthened after the United States prepared to impose broader sanctions on Iran. Strong investment demand and continued purchases by central banks, particularly China’s central bank, also supported gold prices.
In the global market, gold was trading near $4,590 per ounce on Comex, while silver was around $69 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,59,700 per 10 gram at the time of writing, while silver futures were around ₹2,44,600 per kg.
Gold turns costlier
Gold futures opened higher on MCX. The benchmark October gold contract opened at ₹1,60,630 per 10 gram, up ₹1,205 from the previous close of ₹1,59,425.
At the time of writing, the contract was trading at ₹1,59,681, up ₹256. During the session, it touched a high of ₹1,60,630 and a low of ₹1,59,601. Gold futures had touched their highest level of the year at ₹1,80,779.
Silver also gains
Silver futures also opened higher. The benchmark September silver contract on MCX opened at ₹2,44,988 per kg, up ₹1,745 from the previous close of ₹2,43,243.
At the time of writing, the contract was trading at ₹2,44,610, up ₹1,367. During the session, it touched a high of ₹2,45,158 and a low of ₹2,44,500. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.
Gold, silver rise in international market
In the international market, gold and silver futures were trading higher.
On Comex, gold opened at $4,577 per ounce. The previous closing price was $4,571.40 per ounce. At the time of writing, gold was trading at $4,592.50 per ounce, up $21.10. Gold prices had touched their highest level of the year at $5,586.20 per ounce.
Comex silver futures opened at $68.29 per ounce. The previous closing price was $68.10. At the time of writing, silver was trading at $69.06 per ounce, up $0.96. Silver prices had touched their highest level of the year at $121.79 per ounce.
MCX, Comex prices
Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.
