- Gold and silver prices rose sharply amid easing bond yields and lower crude oil prices
- US spot gold increased 1.14% to $4,532.95 per ounce in international markets
- Silver climbed 3.10% to $75.984 per ounce despite recent four-day declines
Gold and silver prices rallied sharply on Wednesday as easing bond yields and cooling crude oil prices boosted demand for precious metals amid persistent geopolitical tensions involving the US and Iran.
In the international market, US spot gold rose $50.90, or 1.14%, to trade at $4,532.95 per ounce, according to real-time data at 21:36:36 IST. US spot silver climbed $2.284, or 3.10%, to $75.984 per ounce at 21:37:20 IST.
The gains came despite continued pressure from elevated US Treasury yields and a firm dollar, which typically reduce the appeal of non-yielding assets such as bullion.
Comex gold futures touched an intraday high of $4,540 per ounce, gaining $29, while silver futures advanced $1.8 to $76.99 per ounce after four consecutive sessions of decline. However, silver still remains nearly 16% below its recent peak of $90 per ounce.
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Domestically, bullion prices mirrored global trends. On the Multi Commodity Exchange (MCX), gold futures rose Rs 900 per 10 gram, or 0.57%, to trade above the Rs 1.60 lakh mark at 21:38 IST. Earlier in the session, near-month gold futures touched an intraday high of Rs 1,60,378 per 10 grams.
Silver futures on MCX surged Rs 4,069, or 1.51%, with prices trading around Rs 2.73 lakh per kilogram. Earlier in the day, silver futures had climbed as much as Rs 6,178 per kilogram to hit an intraday high of Rs 2,76,797.
Investors are now awaiting the release of the US Federal Reserve meeting minutes later in the day for further cues on the interest rate outlook and bullion demand trajectory.
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