Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, July 3, 2024.
Gold futures, maturing on August 5, 2024, stood at Rs 71,702 per 10 grams on the MCX, after recording a jump of Rs 148 or 0.21 per cent. The previous close was recorded at Rs 71,554.
Meanwhile, silver futures, maturing on September 5, 2024, witnessed a marginal hike of Rs 413 or 0.46 per cent and were retailing at Rs 90,306 per kg on the MCX against the previous close of Rs 89,893.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,651 | Rs 91,100 |
| MUMBAI | Rs 6,636 | Rs 91,100 |
| KOLKATA | Rs 6,636 | Rs 91,100 |
| CHENNAI | Rs 6,691 | Rs 95,600 |
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 were flat on Wednesday as investors awaited minutes of the Federal Reserve’s last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates, news agency Reuters reported.
According to the latest metal report, spot gold stood at $2,329.66 per ounce by 0152 GMT, while, U.S. gold futures gained 0.2 per cent to $2,338.70.
Among other precious metals, spot silver rose 0.3 per cent to $29.60 per ounce.