After witnessing mixed trends in the Indian market yesterday, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, March 21, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 66,778 per 10 grams on the MCX, after recording a jump of Rs 1000 or 1.52 per cent. The previous close was recorded at Rs 65,750.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 1187 or 1.58 per cent and were retailing at Rs 78,323 per kg on the MCX against the previous close of Rs 75,313.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 61,950 | Rs 78,500 |
| MUMBAI | Rs 61,800 | Rs 78,500 |
| KOLKATA | Rs 61,800 | Rs 78,500 |
| CHENNAI | Rs 62,350 | Rs 81,500 |
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 climbed to a record high on Thursday, as the US dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.8 per cent at $2,203.84 per ounce, as of 0153 GMT, after hitting an all-time high of $2,222.39 earlier in the session.
US gold futures jumped 2.1 per cent to $2,206.30.
“It’s the goldilocks scenario for gold prices, where marginally higher inflation expectations meet lower nominal rates to create decreased real yields,” said Kyle Rodda, a financial market analyst at Capital.com.
Among other precious metals, spot silver gained 0.4 per cent to $25.70 per ounce.