Gold and silver prices witnessed a recovery in the Indian market on Monday after facing significant selling pressure during the previous trading session. Both precious metals opened higher on the Multi Commodity Exchange (MCX), bringing some relief to investors and buyers tracking bullion prices.
The recovery came as crude oil prices softened and concerns about inflation eased, supporting demand for precious metals in international markets.
Gold Prices Move Higher on MCX
Gold futures for December delivery opened at ₹1,39,003 per 10 grams on Monday, compared with the previous close of ₹1,38,485.
During morning trading, the contract was quoted around ₹1,38,733 per 10 grams, gaining ₹248 from its previous closing level.
Internationally, gold futures on the COMEX also recovered and traded near $4,015 per ounce during the reported session.
Silver Prices Also Record Gains
Silver futures followed a similar trend, opening at ₹1,81,094 per kilogram against the previous close of ₹1,79,132.
The December contract was trading around ₹1,81,125 per kilogram during the morning session, reflecting a gain of nearly ₹1,993.
International silver futures also moved higher, trading near $50 per ounce.
Why Are Gold and Silver Prices Recovering?
Market participants attributed the recovery to softer crude oil prices and easing inflation concerns. These developments helped precious metals regain some ground after heavy selling during the previous session.
However, expectations of higher US interest rates and changing global economic conditions continue to influence bullion market movements.
Investors Await Important US Economic Data
Market participants are also watching upcoming US employment figures and Federal Reserve policy expectations.
These developments could influence the direction of gold and silver prices in the coming sessions. For Indian buyers, domestic bullion rates may also change with international prices, currency movements and local market conditions.
The latest recovery follows a sharp decline in both metals, highlighting continued volatility in the precious metals market.
