After retailing on the higher side for two consecutive days, precious metals showed mixed trends in the Indian markets today. Gold is trading on the lower side of the Multi Commodity Exchange (MCX) while silver prices have recorded a hike on Friday, May 17.
Gold futures, maturing on June 5, 2024, stood at Rs 72,965 per 10 grams, after recording a marginal dip of Rs 15 or 0.02 per cent. The previous close was recorded at Rs 72,980.
Meanwhile, silver futures, due on July 5, 2024, witnessed a hike of Rs 74 or 0.08 per cent and were retailing at Rs 87,374 per kg on the MCX against the previous close of Rs 87,300.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 67,750 | Rs 89,100 |
| MUMBAI | Rs 67,600 | Rs 89,100 |
| KOLKATA | Rs 67,600 | Rs 89,100 |
| CHENNAI | Rs 67,700 | Rs 92,500 |
The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.
GOLD, SILVER RATE IN INTERNATIONAL MARKET
Gold prices appeared set for a second consecutive weekly gain on Friday, after recent US inflation data fuelled expectations that the Federal Reserve could cut interest rates this year, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.1 per cent at $2,379.14 per ounce, as of 0236 GMT. Bullion prices have gained 0.7 per cent so far this week.
US gold futures were flat at $2,383.20.
“Gold having recovered almost 5% over the past two weeks, clarity over the US consumer price index data and the upcoming weekend may also prompt some slight profit-taking.”
“Gold prices may correct lower as markets look to re‑establish the historical relationship between gold and the US dollar. It goes without saying that uncertainty will likely persist in gold markets in coming months,” Commonwealth Bank of Australia said in a note.
Among other precious metals, spot silver fell 0.2 per cent to $29.53 per ounce after hitting an over three-year high in the previous session.