Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Tuesday, May 14, 2024.
Gold futures, maturing on June 5, 2024, stood at Rs 72,023 per 10 grams on the MCX, after recording a jump of Rs 168 or 0.23 per cent. The previous close was recorded at Rs 71,855.
Meanwhile, silver futures, maturing on July 5, 2024, witnessed a hike of Rs 386 or 0.45 per cent and were retailing at Rs 85,272 per kg on the MCX against the previous close of Rs 84,886.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 67,290 | Rs 86,400 |
| MUMBAI | Rs 67,140 | Rs 86,400 |
| KOLKATA | Rs 67,140 | Rs 86,400 |
| CHENNAI | Rs 67,240 | Rs 89,900 |
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 drifted up on Tuesday, with spotlight shifting to key inflation reports due this week, which could offer more insights on the pace and scale of the U.S. Federal Reserve’s interest rate cuts this year, news agency Reuters reported.
According to the latest metal report, spot gold was up by 0.2 per cent at $2,340.77 per ounce, per ounce by 0306 GMT, while, U.S. gold futures gained 0.2 per cent to $2,346.30.
Among other precious metals, spot silver rose 0.4% to $28.30 per ounce.