Gold and silver futures ended in the green in the previous session. While gold rose 0.13%, silver futures fell 0.91%, at the close on Tuesday. On the Comex, Gold futures were trading at $1,964.20 per troy ounce on Wednesday, up $0.50 or 0.03% while Silver futures trading at $24.750, up $0.074 or 0.30%.
Gupta said that the gold futures on the MCX have gained 2.76% or Rs 1,607 per 10 grams on a month-to-date basis. They were up 8.75% or Rs 4,810 on the year-to-date basis as of Wednesday, July 19 on the closing price basis. Meanwhile, Silver futures have gained nearly by Rs 6,385 or 8.75% in value terms in July while gaining by 10.14% or Rs 7,035 on the YTD basis, he added
Gold futures on the MCX have gained by 2.78% or Rs 1,619 per 10 grams on a month-to-date basis, Gupta said. They are up by 8.77% or Rs 4,822 on a year-to-date basis, he added. Meanwhile, silver futures have gained nearly Rs 6,125 or 8.75% in value terms in July while rising 9.77% or Rs 6,775 on a YTD basis, the IIFL analyst said.
Singh said that the markets have continued to trade on the theme of the Fed hike in July to be the last rate hike in this tightening cycle. "Participants will construe any weak data to be cementing a possibility of rate cuts early next year.
Gold and silver futures have continued to rise, reaching one-month high levels amid falling US inflation rates and the dollar index slipping to a 15-month low which boosted the appeal of bullion. The August gold futures on the MCX climbed to INR59,285 ($796) per 10 grams, while September silver futures were up 0.34% to reach INR75,585.