Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Monday, April 1, 2024.
Gold futures, maturing on June 5, 2024, stood at Rs 68,809 per 10 grams on the MCX, after recording a jump of Rs 1108 or 1.64 per cent. The previous close was recorded at Rs 67,701.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 630 or 0.84 per cent and were retailing at Rs 75,678 per kg on the MCX against the previous close of Rs 75,048.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 63,750 | Rs 78,600 |
| MUMBAI | Rs 63,600 | Rs 78,600 |
| KOLKATA | Rs 63,600 | Rs 78,600 |
| CHENNAI | Rs 64,550 | Rs 81,600 |
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 ON INTERNATIONAL MARKET
Gold prices rose to a record high on Monday, as a softer U.S. inflation report cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June, news agency Reuters reported.
According to the latest metal report, spot gold was up 1.2 per cent at $2,258.71 per ounce, as of 0328 GMT. US gold futures edged 1.8 per cent higher to $2,279.10.
Among other precious metals, spot silver rose 0.7 per cent at $25.15 per ounce.