Gold Glitters and Silver Slips: The Dramatic Moves in Precious Metals Market Unveiled!

On Tuesday, August 22, the Indian precious metals market displayed a mixture of trends. Gold maintained an upward trajectory on the Multi Commodity Exchange (MCX), while silver prices experienced a decline.

The gold futures maturing on October 5, 2023, reached Rs 58,491 per 10 grams, marking a marginal increase of Rs 1 or 0.00 percent. This rise followed the previous close at Rs 58,490.

In contrast, the silver futures set to expire on September 5, 2023, observed a decrease of Rs 42 or 0.06 percent, bringing the price to Rs 71,620 per kg on the MCX. This comes after the previous close at Rs 71,662.

It’s important to note that the prices of gold and silver can vary across major cities in India due to factors such as excise duties, making charges, and state taxes.

Shifting to the international market, gold prices demonstrated resilience above recent lows on Tuesday. Despite U.S. Treasury yields reaching nearly 16-year highs, gold, a non-yielding asset, managed to hold its position. Investors are closely watching central bankers’ meetings this week for insights into potential changes in interest rates, according to Reuters.

Based on the latest metal report, spot gold maintained its stance at $1,894.91 per ounce as of 0117 GMT, remaining above the five-month low of $1,883.70 touched the previous week. U.S. gold futures experienced a modest increase of 0.1%, reaching $1,923.90.

Among other metals, spot silver saw a decline of 0.2%, settling at $23.30 per ounce, while platinum exhibited a slight uptick of 0.1% at $909.72. Palladium remained stable at $1,245.53.

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