Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, August 8, 2024.
Gold futures, maturing on October 4, 2024, stood at Rs 69,000 per 10 grams on the MCX, after recording a jump of Rs 35 or 0.05 per cent. The previous close was recorded at Rs 68,965.
Meanwhile, silver futures, maturing on September 5, 2024, witnessed a marginal hike of Rs 248 or 0.31 per cent and were retailing at Rs 79,148 per kg on the MCX against the previous close of Rs 78,900.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,364 | Rs 81,900 |
| MUMBAI | Rs 6,349 | Rs 81,900 |
| KOLKATA | Rs 6,349 | Rs 81,900 |
| CHENNAI | Rs 6,329 | Rs 86,900 |
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 edged higher on Thursday, supported by Middle East tensions and optimism surrounding U.S. rate cuts, while traders awaited economic data for clues on the Federal Reserve’s policy trajectory, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.3 per cent at $2,389.42 per ounce by 0331 GMT, while, U.S. gold futures dipped 0.2 per cent to $2,428.40.
Among other precious metals, spot silver rose nearly 1 per cent to $26.84 per ounce.