Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, April 18, 2024.
Gold futures, maturing on June 5, 2024, stood at Rs 72,609 per 10 grams on the MCX, after recording a jump of Rs 55 or 0.08 per cent. The previous close was recorded at Rs 72,523.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 170 or 0.20 per cent and were retailing at Rs 84,000 per kg on the MCX against the previous close of Rs 83,499.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 67,800 | Rs 86,500 |
| MUMBAI | Rs 67,650 | Rs 86,500 |
| KOLKATA | Rs 67,650 | Rs 86,500 |
| CHENNAI | Rs 68,350 | Rs 90,000 |
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 climbed on Thursday, as risks of a widening Middle East conflict raised bullion’s safe-haven appeal, overshadowing pressures from higher-for-longer US interest rates, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.6 per cent at $2,374.97 per ounce, as of 0429 GMT, after hitting an all-time high of $2,431.29 last Friday. US gold futures edged 0.1 per cent higher to $2,389.70.
“Given the fact that we do have a lot of uncertainty on the geopolitical front, which is supporting this upward trend that is still prevalent in gold,” said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.
Among other precious metals, spot silver rose 0.6 per cent to $28.38 per ounce.