After witnessing mixed trends in the Indian market, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, March 28, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 66,830 per 10 grams on the MCX, after recording a jump of Rs 133 or 0.20 per cent. The previous close was recorded at Rs 66,367.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 133 or 0.18 per cent and were retailing at Rs 74,887 per kg on the MCX against the previous close of Rs 74,662.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 61,850 | Rs 77,500 |
| MUMBAI | Rs 61,700 | Rs 77,500 |
| KOLKATA | Rs 61,700 | Rs 77,500 |
| CHENNAI | Rs 62,500 | Rs 80,500 |
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 steadied on Thursday, as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more US economic data for policy clues, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.1 per cent at $2,195.59 per ounce, as of 0503 GMT. US gold futures edged 0.2 per cent higher to $2,195.10.
“The Fed signalled they want to be cutting rates and there’s a geopolitical risk concern that continues to linger in the markets around these wars, both in Ukraine and in the Middle East, which is gold supportive,” said Ilya Spivak, head of global macro at Tastylive.
“Gold prices are rangebound for most of the time this month and a break above current resistance level around $2,225 per ounce could see prices heading towards the $2,300 mark.”
Gold hit a record high last week after the Fed anticipated three rate cuts in 2024 despite recent high inflation readings.
Among other precious metals, spot silver was steady at $24.68 per ounce.