Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, August 21, 2024.
Gold futures, maturing on October 4, 2024, stood at Rs 71,960 per 10 grams on the MCX, after recording a jump of Rs 183 or 0.25 per cent. The previous close was recorded at Rs 71,777.
Meanwhile, silver futures, maturing on September 5, 2024, witnessed a marginal hike of Rs 141 or 0.17 per cent and were retailing at Rs 84,903 per kg on the MCX against the previous close of Rs 84,730.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,725 | Rs 87,000 |
| MUMBAI | Rs 6,710 | Rs 87,000 |
| KOLKATA | Rs 6,710 | Rs 87,000 |
| CHENNAI | Rs 6,710 | Rs 92,000 |
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 IN INTERNATIONAL MARKET
Gold prices were trading below record high levels on Wednesday after a rally fuelled by Western fund inflows and U.S. rate-cut optimism, as investors braced for minutes of the Federal Reserve’s latest meeting for clarity on the depth of cuts, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.1 per cent to $2,517.08 per ounce by 0427 GMT, while, U.S. gold futures gained 0.2 per cent to $2,554.90.
Among other precious metals, spot silver rose 0.3 per cent to $29.53 per ounce.