For the second day in a row, both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Tuesday, April 23, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 65,395 per 10 grams on the MCX, after recording a marginal dip of Rs 283 or 0.43 per cent. The previous close was recorded at Rs 65,542.
Similarly, silver futures, maturing on May 3, 2024, witnessed a dip of Rs 387 or 0.51 per cent and were retailing at Rs 75,419 per kg on the MCX against the previous close of Rs 75,650.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 66,300 | Rs 83,000 |
| MUMBAI | Rs 66,150 | Rs 83,000 |
| KOLKATA | Rs 66,150 | Rs 83,000 |
| CHENNAI | Rs 67,000 | Rs 86,500 |
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 PRICE IN INTERNATIONAL MARKET
Gold prices fell on Tuesday to their lowest levels in more than two weeks on easing concerns of an escalation in the Middle East crisis, and as investors booked profits while awaiting key US data for fresh clues on the Federal Reserve’s rate trajectory.
According to the latest metal report, spot gold was down nearly 1 per cent at $2,304.99 per ounce, as of 0336 GMT. US gold futures fell 1.2 per cent to $2,318.80.
“Gold has been the recipient of different types of buying flows in recent months, and now one of those flows has slightly dried up with safe-haven demand receding,” said Tim Waterer, chief market analyst, KCM Trade.
Gold dipped more than 2 per cent in the previous session, marking its biggest intraday fall in more than a year, as fears of a wider regional conflict eased after Iran said it had no plan to retaliate following an apparent Israeli drone attack.
Gold hit a record high of $2,431.29 on April 12.
Among other precious metals, spot silver fell about 1 per cent to $26.92 per ounce.