Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, August 28, 2024.
Gold futures, maturing on October 4, 2024, stood at Rs 71,900 per 10 grams on the MCX, after recording a dip of Rs 222 or 0.31 per cent. The previous close was recorded at Rs 72,122.
Similarly, silver futures, maturing on September 5, 2024, witnessed a dip of Rs 430 or 0.50 per cent and were retailing at Rs 85,228 per kg on the MCX against the previous close of Rs 85,658.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,730 | Rs 88,500 |
| MUMBAI | Rs 6,715 | Rs 88,500 |
| KOLKATA | Rs 6,715 | Rs 88,500 |
| CHENNAI | Rs 6,715 | Rs 93,500 |
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 slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut, news agency Reuters reported.
According to the latest metal report, spot gold fell 0.4 per cent to $2,514.11 per ounce by 0313 GMT, while, U.S. gold futures fell 0.2 per cent to $2,549.00.
Among other precious metals, spot silver fell 0.7 per cent to $29.78 per ounce.