Gold, Silver Inch Up on MCX but Global Pressure Weigh on Sentiment
Gold and silver opened marginally higher on October 23 but the bullion market remained cautious as global weakness weighed on sentiment.
On the Multi Commodity Exchange (MCX), gold mini November futures were trading at ?1,21,873 for 10 grams, up 0.66%, at 10:33 am. Silver mini November futures also moved higher, rising 0.38% to ?1,48,148 a kilogram.
Gold mini futures had settled at ?1,21,069 and silver at ?1,47,583 the previous day. These marginal upticks do little to offset the sharp global decline seen this week.
Globally, gold is under pressure as it inches closer to the $4,000 an ounce level. The metal slipped as investors turned cautious after an extended rally to record highs.
Despite the near-term weakness, bullion remains supported by long-term factors such as central bank gold purchases, geopolitical tensions, and expectations of lower interest rates, experts said.
Source: Moneycontrol / Global Family News Desk
