Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, January 11, 2024.
Gold futures, maturing on February 5, 2024, stood at Rs 62,116 per 10 grams on the MCX, after recording a marginal hike of Rs 120 or 0.19 per cent. The previous close was recorded at Rs 61,996.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a hike of Rs 122 or 0.17 per cent and were retailing at Rs 72,091 per kg on the MCX against the previous close of Rs 71,969.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,850 | Rs 76,000 |
| MUMBAI | Rs 57,700 | Rs 76,000 |
| KOLKATA | Rs 57,700 | Rs 76,000 |
| CHENNAI | Rs 58,200 | Rs 77,500 |
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 PRICES IN INTERNATIONAL MARKET
Gold prices eased on Wednesday ahead of U.S. inflation data that could shape the Federal Reserve’s outlook on interest rate cuts this year, although a softer dollar kept a floor under prices, news agency Reuters reported.
According to the latest metal report, spot gold dipped 0.4 per cent at $2,021.39 per ounce by 1925 GMT, while, U.S. gold futures dipped 0.3 per cent at $2,027.8
Among other precious metals, spot silver fell 0.3 per cent to $22.91 per ounce.