For the second day in a row, both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, March 6, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 64,735 per 10 grams on the MCX, after recording a marginal dip of Rs 145 or 0.22 per cent. The previous close was recorded at Rs 64,845.
Meanwhile, silver futures, maturing on May 3, 2024, witnessed a dip of Rs 291 or 0.40 per cent and were retailing at Rs 73,203 per kg on the MCX against the previous close of Rs 73,374.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 59,850 | Rs 74,500 |
| MUMBAI | Rs 59,700 | Rs 74,500 |
| KOLKATA | Rs 59,700 | Rs 74,500 |
| CHENNAI | Rs 60,400 | Rs 78,000 |
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 RATES IN INTERNATIONAL MARKET
Gold scaled a record high on Tuesday, moving further above $2,100 per ounce in a rally sparked by growing bets for a US interest rate cut in June and on safe-haven demand due to the conflict in the Middle East, news agency Reuters reported.
According to the latest metal report, spot gold gained 0.8 per cent to $2,132 per ounce, having hit a record $2,141.59 earlier.
US gold futures settled about 0.7 per cent higher at $2,141.9.
Gold, often used as a safe store of value during times of political and financial uncertainty, has climbed over $300 dollars since the start of the Israel-Hamas war.
Gold is pressured when high interest rates to tame inflation raise returns on competing assets such as bonds and boost the dollar, making the precious metal costlier for overseas buyers.
Among other precious metals, spot silver eased 0.8 per cent to $23.70 per ounce.