Metals Market Shake
MUMBAI
Prices of gold and silver eased on Friday as a stronger US dollar weighed on global precious metal markets. On the Multi-Commodity Exchange (MCX), gold futures opened 0.29 per cent lower at ₹1,21,148 per 10 grams, compared to the previous close of ₹1,21,508. Silver futures also slipped 0.47 per cent to ₹1,48,140 per kilogram, reflecting weakness in international prices.
By late morning, some recovery was seen as gold futures for December delivery traded slightly higher at ₹1,21,557 per 10 grams, while silver futures steadied at ₹1,48,747 per kilogram. Analysts said the early dip was largely due to traders booking profits ahead of key US economic data releases.
In the global market, spot gold dropped 0.5 per cent to $4,004 per ounce, pressured by a firm dollar and reduced expectations of near-term interest rate cuts by the US Federal Reserve. US gold futures for December remained almost unchanged at $4,016.70 per ounce.
Despite the day’s decline, gold has risen about 3.9 per cent in October and is on track for a third straight monthly gain. The US dollar index remained close to a three-month high, making bullion less attractive to investors using other currencies.
Meanwhile, Indian stock markets opened flat following mixed global cues. The Sensex began slightly lower at 84,379.79, and Nifty at 25,863.80, before both indices turned positive amid buying in banking and automobile stocks. Analysts said the limited progress at the Trump-Xi summit offered relief but failed to spark strong market optimism.