For the second day in a row, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, May 16, 2024.
Gold futures, maturing on June 5, 2024, stood at Rs 73,230 per 10 grams on the MCX, after recording a jump of Rs 126 or 0.17 per cent. The previous close was recorded at Rs 73,102.
Meanwhile, silver futures, maturing on July 5, 2024, witnessed a hike of Rs 386 or 0.44 per cent and were retailing at Rs 87,476 per kg on the MCX against the previous close of Rs 86,865.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 68,000 | Rs 89,100 |
| MUMBAI | Rs 67,850 | Rs 89,100 |
| KOLKATA | Rs 67,850 | Rs 89,100 |
| CHENNAI | Rs 67,950 | Rs 92,500 |
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 RATES IN INTERNATIONAL MARKET
Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the US Federal Reserve as early as September, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.1 per cent at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1 per cent to its highest since April 19 on Wednesday. US gold futures rose 0.1 per cent to $2,393.20.
“Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective,” said Tim Waterer, chief market analyst at KCM Trade.
Among other precious metals, spot silver fell 0.5 per cent to $29.56 per ounce.