Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, October 16, 2024.
Gold futures, maturing on December 5, 2024, stood at Rs 76,425 per 10 grams on the MCX, after recording a jump of Rs 65 or 0.09 per cent. The previous close was recorded at Rs 76,360.
Meanwhile, silver futures, maturing on December 5, 2024, witnessed a marginal hike of Rs 120 or 0.13 per cent and were retailing at Rs 91,743 per kg on the MCX against the previous close of Rs 91,623.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 7,155 | Rs 97,000 |
| MUMBAI | Rs 7,140 | Rs 97,000 |
| KOLKATA | Rs 7,140 | Rs 97,000 |
| CHENNAI | Rs 7,140 | Rs 1,00,300 |
The gold and silver prices in India depend on several factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining the trends observed in the rate of precious metals.
GOLD, SILVER PRICES IN INTERNATIONAL MARKET
Gold prices inched higher on Wednesday, as U.S. Treasury yields eased, while market participants waited for more U.S. economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term, news agency Reuters reported.
According to the latest metal report, spot gold gained 0.3 per cent at $2,667.97 per ounce by 0217 GMT, while, U.S. gold futures rose 0.2 per cent to $2,683.80.
Among other precious metals, spot silver rose 0.3 per cent to $31.56 per ounce.