Gold and silver prices advanced on India’s Multi Commodity Exchange (MCX) on Wednesday, driven by a combination of a weakening US dollar and falling crude oil prices.
The precious metals sector benefited from the cross-asset shift, with investors also keeping a close eye on the upcoming policy decision by the Reserve Bank of India’s Monetary Policy Committee (MPC).
Silver also posted gains, with September futures jumping nearly 1% to ₹2,23,690 per kilogram.
MCX gold October futures climbed 0.60% to ₹1,45,110 per 10 grams in morning trading.
Silver also posted gains, with September futures jumping nearly 1% to ₹2,23,690 per kilogram.
The moves reflect broader market dynamics where a softer dollar typically reduces the cost of dollar-denominated commodities for holders of other currencies, while lower oil prices can ease inflationary pressures, indirectly supporting risk sentiment and precious metal demand.
The price action comes against a backdrop of recent volatility in the precious metals market.