Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, February 28, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 62,195 per 10 grams on the MCX, after recording a marginal dip of Rs 106 or 0.17 per cent. The previous close was recorded at Rs 62,301.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a dip of Rs 205 or 0.30 per cent and were retailing at Rs 68,880 per kg on the MCX, against the previous close of Rs 69,085.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,740 | Rs 73,900 |
| MUMBAI | Rs 57,590 | Rs 73,900 |
| KOLKATA | Rs 57,590 | Rs 73,900 |
| CHENNAI | Rs 58,160 | Rs 75,400 |
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 steadied on Wednesday, as lower U.S. Treasury yields partially offset a firmer dollar, while traders awaited key inflation data and remarks from Federal Reserve officials this week to gauge when the central bank is likely to cut rates, news agency Reuters reported.
According to the latest metal report, spot gold stood at $2,030.57 per ounce by 0355 GMT, while, U.S. gold futures fell 0.2 per cent at $2,039.70.
Among other precious metals, spot silver rose 0.1 per cent to $22.45 per ounce.