Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, February 14, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 61,449 per 10 grams on the MCX, after recording a marginal dip of Rs 55 or 0.09 per cent. The previous close was recorded at Rs 61,504.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a dip of Rs 300 or 0.43 per cent and were retailing at Rs 69,339 per kg on the MCX, against the previous close of Rs 69,639.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,740 | Rs 75,400 |
| MUMBAI | Rs 57,590 | Rs 75,400 |
| KOLKATA | Rs 57,590 | Rs 75,400 |
| CHENNAI | Rs 58,090 | Rs 76,900 |
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 RATES IN INTERNATIONAL MARKET
Gold prices fell below the key $2,000 per ounce level to a two-month low on Tuesday, as a stronger-than-expected U.S. inflation report tempered prospects of an early interest rate cut from the Federal Reserve, news agency Reuters reported.
According to the latest metal report, spot gold fell 1.3 per cent at $1,993.29 per ounce, while US gold futures fell 1.3 per cent lower at $2007.2.
Among other precious metals, spot silver lost 2.8 per cent to $22.05 per ounce.