Both gold and silver are trading on the upward side of the Multi Commodity Exchange on November 5, 2021. (MCX). On the MCX, gold futures maturing on December 3, 2021, are retailing at Rs 47,300 per 10 kilos, up to Rs 571 or 1.21.
Meanwhile, silver futures with a December 3, 2021 maturity date are trading at Rs 62,750 a kg on the MCX, up to Rs 1,759 or 2.82 percent.
According to Reuters’ metal report, gold prices were on course for a weekly rise on Friday, boosted by the US Federal Reserve’s decision not to raise interest rates prematurely, which also lowered bond yields.
Meanwhile, by 0419 GMT, spot gold had risen 0.1 percent to $1,793.63 per ounce, and was up 0.7 percent for the week. Gold futures in the United States rose 0.1 percent to $1,794.40.
When interest rates are low, gold, which pays no interest, benefits because it lowers the opportunity cost of storing the metal.
According to the report, investors are now waiting for U.S. nonfarm payrolls data due later on Friday to assess the labor market’s health and how it might affect the Fed’s rate forecast.
Meanwhile, spot silver increased by 0.2 percent to $23.82 per ounce, while platinum increased by 0.4 percent to $1,029.70 per ounce.