Both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, February 29, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 62,265 per 10 grams on the MCX, after recording a marginal hike of Rs 16 or 0.03 per cent. The previous close was recorded at Rs 62,249.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a hike of Rs 123 or 0.17 per cent and were retailing at Rs 70,893 per kg on the MCX against the previous close of Rs 70,770.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,730 | Rs 73,800 |
| MUMBAI | Rs 57,580 | Rs 73,800 |
| KOLKATA | Rs 57,580 | Rs 73,800 |
| CHENNAI | Rs 58,090 | Rs 75,300 |
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 ticked up on Wednesday as traders strapped in for key economic data and comments from U.S. central bank officials on the timeline of interest rate cuts, news agency Reuters reported.
According to the latest metal report, spot gold was up by 0.1 per cent at $2,031.71 per ounce by 1926 GMT, while, U.S. gold futures fell 0.1 per cent at $2,042.7.
Among other precious metals, spot silver fell 0.2 per cent to $22.37 per ounce.