Mumbai
Gold and silver prices rose sharply on Wednesday, gaining up to 3% in domestic and international markets amid a weaker US dollar and easing oil prices.
On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at around ₹1,52,000 per 10 grams, up ₹2,247 or 1.5% from the previous close. During the session, prices moved higher to ₹1,52,450 before stabilising with gains of nearly 1.8%.
Silver futures (July 3) also witnessed strong buying, opening higher at ₹2,49,316 per kg and rising further to trade above ₹2,51,000 levels, marking gains of over 3% during intraday trade.
In global markets, COMEX gold advanced nearly 2% to around $4,656 per ounce, while silver surged more than 3% to about $76.12 per ounce.
Analysts attributed the rise to weakness in the US dollar index, which fell by about 0.34% to 97.97. A softer dollar typically makes precious metals more attractive for global investors, supporting demand.
Additionally, crude oil prices remained under pressure, with Brent crude slipping over 2% and WTI crude falling around 3 per cent in the previous session. This helped ease inflation concerns and supported bullion sentiment.
Market experts noted that gold prices also recovered after hitting a one-month low, aided by reduced geopolitical tensions and stable oil movements. However, they cautioned that elevated crude prices and expectations of prolonged high interest rates may limit further upside in the near term.
Overall, the bullion market remained firm, supported by currency weakness and global economic cues, even as macroeconomic uncertainty continued to influence investor behaviour across commodities.