MCX gold rises Rs 613; silver jumps Rs 2,800 ahead of Diwali
In short
MCX gold and silver futures opened higher ahead of Diwali. Gold rose Rs 613 to Rs 1,39,098 per 10 grams, and silver gained Rs 2,800 to Rs 1,81,925 per kg.
The move matters for traders and buyers watching festive prices. Inflation worries and talk of more US rate hikes could limit further gains, but the next move is not stated.
What the reporting says
MCX gold and silver futures opened higher ahead of Diwali, with gold up Rs 613 to Rs 1,39,098 per 10 grams and silver up Rs 2,800 to Rs 1,81,925 per kg. The summary says inflation concerns and calls from three US Federal Reserve officials for more rate hikes may cap gains in the non-yielding metals. It is not stated how long the move will last.
Why it matters
Gold and silver futures on MCX rose ahead of Diwali, with gold at Rs 1,39,098 per 10 grams and silver at Rs 1,81,925 per kg. The reporting says inflation concerns and comments from three US Federal Reserve officials about further rate hikes could pressure precious metals because they do not yield interest. The Fed had already left rates unchanged at its last meeting.