Gold, silver price today, July 11, 2023: Yellow metal records dip, silver trades higher on MCX
By India Today Business Desk: Precious metals have shown mixed trends in the Indian markets today. While gold is trading on the lower side of the Multi Commodity Exchange (MCX), silver rates have recorded a hike on Tuesday, July 11.
Gold futures, maturing on August 4, 2023, saw a marginal dip of Rs 27 or 0.05 per cent on the MCX and were trading at Rs 58,665 per 10 grams.
Meanwhile, silver futures maturing on September 5, 2023, recorded a jump of Rs 94 or 0.13 per cent, and were trading at Rs 71,510 per kg.
Notably, the prices of gold and silver stood at Rs 58,689 per 10 grams and Rs 71,365 per kg respectively when the market closed on July 10.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 54,600 | Rs 73,400 |
| MUMBAI | Rs 54,450 | Rs 73,400 |
| KOLKATA | Rs 54,450 | Rs 73,400 |
| CHENNAI | Rs 54,820 | Rs 77,100 |
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 ON INTERNATIONAL MARKET
Gold prices were steady on a weaker dollar on Tuesday, although bullion struggled for momentum as investors were wary of placing big bets ahead of U.S. inflation data that could influence the Federal Reserve’s policy trajectory, news agency Reuters reported.
According to the latest metal report, spot gold held its ground at $1,926.19 per ounce by 0231 GMT. U.S. gold futures were flat at $1,930.20.
A weaker dollar makes gold cheaper for holders of foreign currencies.
In other precious metals, spot silver rose 0.2 per cent to $23.16 per ounce.
