Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Tuesday, March 5, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 64,440 per 10 grams on the MCX, after recording a marginal dip of Rs 22 or 0.03 per cent. The previous close was recorded at Rs 64,462.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a dip of Rs 123 or 0.17 per cent and were retailing at Rs 73,344 per kg on the MCX, against the previous close of Rs 73,467.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 59,600 | Rs 74,700 |
| MUMBAI | Rs 59,450 | Rs 74,700 |
| KOLKATA | Rs 59,450 | Rs 74,700 |
| CHENNAI | Rs 60,150 | Rs 78,200 |
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 hit a three-month peak on Monday, driven by increased bets for a June interest rate cut by the U.S. Federal Reserve, news agency Reuters reported.
According to the latest metal report, spot gold was up by 1.4 per cent at $2,113.28 per ounce by 1910 GMT, while, U.S. gold futures rose 1.5 per cent at $2,126.3.
Among other precious metals, spot silver was up by 2.8 per cent to $23.79 per ounce.