Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, May 8, 2024.
Gold futures, maturing on June 5, 2024, stood at Rs 71,250 per 10 grams on the MCX, after recording a jump of Rs 102 or 0.14 per cent. The previous close was recorded at Rs 71,148.
Meanwhile, silver futures, maturing on July 5, 2024, witnessed a hike of Rs 172 or 0.21 per cent and were retailing at Rs 83,050 per kg on the MCX against the previous close of Rs 82,878.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 66,400 | Rs 85,000 |
| MUMBAI | Rs 66,250 | Rs 85,000 |
| KOLKATA | Rs 66,250 | Rs 85,000 |
| CHENNAI | Rs 66,300 | Rs 88,500 |
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.