The current gold and silver markets are experiencing a notable upswing, driven by anticipation surrounding the imminent release of the US Federal Reserve meeting minutes.
Today, the price of gold saw an upward trend, opening at Rs.60,719 per 10 grams on the Multi Commodity Exchange (MCX). This surge was attributed to the considerable drop in US bond yields and the US dollar index. Within moments of the commodity market's opening, the price of gold on MCX soared to an intraday high of Rs.60,774 per 10 grams. Meanwhile, in the international market, spot gold prices are hovering around $1,982 per ounce.
Conversely, the initial trajectory for silver indicated a downward trend, commencing at Rs.72,997 and dipping to an intraday low of Rs.72,905 per kilogram on the MCX. However, silver quickly rebounded, showcasing a strong recovery within the first hour of the commodity market's opening, ultimately reaching an intraday high of Rs.73,310 per kilogram. In the global market, silver prices today are approximately $23.75 per ounce.
Analysts in the commodity market emphasize the volatile nature of gold and silver prices, particularly in light of the pending release of the US Fed meeting minutes held from October 31st to November 1st. During this meeting, the Federal Reserve maintained its stance on interest rates, prompting profit-taking in the US dollar and US Treasury yields. Subsequently, the 140-year US bond yield plummeted from 5 percent to 4.45 percent, while the US dollar index hit an 11-month low.
Market experts provided insights into the current price ranges, noting that MCX gold prices today fluctuate between Rs.60,300 to Rs.61,200 per 10 grams, whereas spot gold prices range between $1,960 to $2,000. Similarly, they indicated that silver prices on MCX currently span from Rs.71,000 to Rs.75,000, with spot silver prices varying between $23 to $24.50 per ounce.