Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, July 24, 2024.
Gold futures, maturing on August 5, 2024, stood at Rs 68,865 per 10 grams on the MCX, after recording a jump of Rs 355 or 0.52 per cent. The previous close was recorded at Rs 68,510.
Meanwhile, silver futures, maturing on September 5, 2024, witnessed a marginal hike of Rs 287 or 0.34 per cent and were retailing at Rs 85,206 per kg on the MCX against the previous close of Rs 84,919.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,510 | Rs 87,500 |
| MUMBAI | Rs 6,495 | Rs 87,500 |
| KOLKATA | Rs 6,495 | Rs 85,500 |
| CHENNAI | Rs 6,490 | Rs 92,000 |
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 inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.3 per cent to $2,416.62 per ounce by 0402 GMT, while, U.S. gold futures gained 0.4 per cent to $2,417.10.
Among other precious metals, spot silver gained 0.2 per cent to $29.28 per ounce.