After trading lower in the Indian market yesterday, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Tuesday, February 6, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 62,400 per 10 grams on the MCX, after recording a marginal hike of Rs 34 or 0.05 per cent. The previous close was recorded at Rs 62,316.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a hike of Rs 97 or 0.14 per cent and were retailing at Rs 70,703 per kg on the MCX against the previous close of Rs 70,480.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,900 | Rs 74,500 |
| MUMBAI | Rs 57,750 | Rs 74,500 |
| KOLKATA | Rs 57,750 | Rs 74,500 |
| CHENNAI | Rs 58,300 | Rs 76,000 |
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 ON INTERNATIONAL MARKET
Gold prices lingered near their lowest level in almost two weeks on Tuesday, pressured by a firmer dollar and elevated Treasury yields, as traders lowered expectations of aggressive interest rate cuts by the US Federal Reserve this year, news agency Reuters reported.
According to the latest metal report, spot gold was down 0.1 per cent at $2,023.42 per ounce, as of 0352 GMT, after hitting its lowest since January 25 in the previous session.
US gold futures fell 0.2 per cent to $2,039.40 per ounce.
Among other precious metals, spot silver fell 0.1 per cent to $22.33 per ounce.