Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, August 7, 2024.
Gold futures, maturing on October 4, 2024, stood at Rs 68,765 per 10 grams on the MCX, after recording a dip of Rs 200 or 0.29 per cent. The previous close was recorded at Rs 68,965.
Similarly, silver futures, maturing on September 5, 2024, witnessed a dip of Rs 223 or 0.29 per cent and were retailing at Rs 79,400 per kg on the MCX against the previous close of Rs 79,623.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 1 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,404 | Rs 82,400 |
| MUMBAI | Rs 6,389 | Rs 82,400 |
| KOLKATA | Rs 6,389 | Rs 82,400 |
| CHENNAI | Rs 6,399 | Rs 87,400 |
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 edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut, news agency Reuters reported.
According to the latest metal report, spot gold fell 0.2 per cent to $2,385.60 per ounce by 0310 GMT, while, U.S. gold futures fell 0.3 per cent to $2,425.30.
Among other precious metals, spot rose 0.1 per cent to $27.05 per ounce.