The price of yellow metal is rising, while silver is approaching Rs61,000, learn more here

21 Jun 2022 , 11:29 AM

On the MCX, gold futures were trading higher, up 0.19% or Rs 96 to Rs50,831 per 10 kilos. Silver futures, on the other hand, increased about 0.40%, or Rs241, to Rs60,985 per kilogram.

On Tuesday, gold prices rose somewhat as the US dollar fell. For buyers holding other currencies, a weakening dollar makes greenback-priced bullion more appealing.

Although gold is sometimes viewed as an inflation hedge, rising interest rates and bond yields raise the opportunity cost of owning gold, which pays no interest.

According to the Indian Bullion and Jewellers Association, the highest purity gold was sold at Rs51,005 per 10 grams on Monday, while silver was priced at Rs60,979 per kg.

Gold spot prices have decreased roughly Rs500 per 10 grams in the last week, but have managed to stay above Rs51,000, but silver spot prices have remained unchanged, despite breaking Rs61,000.

After a day of somewhat range-bound trading, spot gold was up 0.2% at $1,841.13 per ounce. Gold futures in the United States rose 0.1% to $1,842.90.

Spot silver increased by 0.5% to $21.68 per ounce, platinum increased by 0.7% to $937.88, and palladium increased by 0.7% to $1,859.40 per ounce.