On December 17, 2021, gold prices have recorded a hike, while silver is trading on the lower side of the Multi Commodity Exchange (MCX). Witnessing a hike of Rs 111 or 0.23 per cent, gold futures maturing on February 4, 2022, are retailing at Rs 48,700 per 10 grams.
Meanwhile, silver futures maturing on March 4, 2022, are trading at Rs 62,148 per kg on the MCX, recording a dip of Rs 70 or 0.11 per cent.
Gold and Silver prices on international market:
According to Reuters, gold prices climbed on Friday, poised for their best week since mid-November, as the dollar weakened after the U.S. Federal Reserve decided to withdraw its pandemic-era stimulus in response to fight to broaden inflationary risks.
Spot gold was up 0.2 per cent at $1,802.87 per ounce, as of 0323 GMT, while U.S. gold futures rose 0.3 per cent to $1,802.60. The metal has risen 1.1 per cent so far in the week, heading for its first weekly gain in five.
The dollar index remained under pressure after hitting a one-week low in the previous session, making greenback-priced bullion cheaper for holders of other currencies. The benchmark 10-year yield dropped 3.8 per cent so far in the week.
The U.S. Fed said it would pave the way for three quarter-percentage-point interest rate increases by the end of 2022 as the economy nears full employment and the Fed copes with a surge of inflation.