Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Monday, August 5, 2024.
Gold futures, maturing on October 4, 2024, stood at Rs 70,412 per 10 grams on the MCX, after recording a jump of Rs 623 or 0.89 per cent. The previous close was recorded at Rs 69,789.
Meanwhile, silver futures, maturing on September 5, 2024, witnessed a marginal hike of Rs 851 or 1.03 per cent and were retailing at Rs 83,344 per kg on the MCX against the previous close of Rs 82,493.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,485 | Rs 85,700 |
| MUMBAI | Rs 6,470 | Rs 85,700 |
| KOLKATA | Rs 6,470 | Rs 85,700 |
| CHENNAI | Rs 6,470 | Rs 91,100 |
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
Prices of safe-haven gold were flat on Monday as some profit-taking partially offset support from U.S. recession jitters and rising expectations of a September rate cut from the Federal Reserve, news agency Reuters reported.
According to the latest metal report, spot gold held its ground at $2,443.44 per ounce by 0335 GMT, while, U.S. gold futures rose 0.7 per cent to $2,485.80.
Among other precious metals, spot silver stood flat at $28.52 per ounce.