By India Today Business Desk: After witnessing mixed trends in the Indian market yesterday, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, July 12.
Gold futures, maturing on August 4, 2023, stood at Rs 58,908 per 10 grams on the MCX, after recording a marginal hike of Rs 103 or 0.18 percent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 220 or 0.31 percent and were trading at Rs 71,421 per kg on the MCX.
The prices of gold and silver stood at Rs 58,773 per 10 grams and Rs 71,117 per kg respectively when the market closed on July 11.
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 PRICES IN INTERNATIONAL MARKET
Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve’s rate-hike policy path, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.4 per cent to $1,940.53 per ounce by 0231 GMT, its highest since June 20. Meanwhile, U.S. gold futures were up 0.5 per cent at $1,946.00.
Making gold cheaper for holders of other currencies, the dollar index fell 0.2 per cent to its lowest level since May 11. Benchmark 10-year U.S. Treasury yields also slipped to their lowest in nearly a week.
Spot silver gained 0.7 per cent to $23.26 per ounce, among other precious metals.