Gold, Silver Rates Climb As Investors Buy At Lower Levels; Check MCX Gold Rates

Gold and silver prices rebounded a bit in afternoon trade on Tuesday, erasing early losses due to value buying at lower levels. The precious metals prices have been facing pressure for the past two weeks after a sharp decline in crude prices and easing in global tension.

MCX Gold Rate Today

Gold future contract on Multi Commodity Exchange (MCX) recovered from early losses to trade a bit higher at Rs 1.42 lakh per 10 grams as traders reassessed the US Federal Reserve's interest rate outlook amid lingering geopolitical tensions and volatile crude oil prices.

On the Multi Commodity Exchange (MCX), Gold futures, August delivery, escalated Rs 196, or 0.14 per cent, to Rs 1,42,598 per 10 grams. Earlier in early hours, the yellow metal contract was trading in negative territory.

The contract had settled at Rs 1,42,402 per 10 grams on Monday.

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"Gold prices experienced a notable decline in the early session but later pared all of its losses to trade higher as investors reassess the outlook for interest rates by the US Federal Reserve amid ongoing volatility in inflation and oil prices," said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

In the international market, Comex gold futures for the August contract rose slightly to $4,044.80 per ounce in New York.

Silver Rates

Silver futures recovered from an initial decline and rose nearly 2 per cent to Rs 2.26 lakh per kg on Tuesday amid strong trends in the international market. Silver for September delivery on the Multi Commodity Exchange rose Rs 3,693, or nearly 2 per cent, to Rs 2,26,327 per kg.

Analysts say the precious metal recovered following strong trends in the global market. In the global market, COMEX silver futures for the September contract in New York rose 1.28 per cent to US$59.38 per ounce.

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An expectation of tighter monetary policy from the US Federal Reserve and a stronger dollar put pressure on bullion, with investors buying at lower levels after the metal fell sharply in recent sessions, as per analysts.

With Inputs From PTI