Gold, silver price today, July 14, 2023: Precious metals record hike on MCX | Check latest rates here

By India Today Business Desk: For the second day in a row, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Friday, July 14.

Gold futures, maturing on August 4, 2023, stood at Rs 59,308 per 10 grams on the MCX, after recording a marginal hike of Rs 42 or 0.7 percent.

Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 244 or 0.32 percent and were trading at Rs 75,700 per kg on the MCX.

The prices of gold and silver stood at Rs 59,239 per 10 grams and Rs 75,326 per kg respectively when the market closed on July 13.

GOLD, SILVER PRICES IN MAJOR CITIES

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 set on Friday for their biggest weekly gain since April, after rallying close to a one-month high, as markets scale back expectations of further U.S. interest rate hikes, sending the dollar to its lowest in more than a year, news agency Reuters reported.

According to the latest metal report, spot gold was up 1.9 per cent to $1,959.81 per ounce by 1741 GMT, hitting its highest since June 16. Meanwhile, U.S. gold futures ticked up 0.1 per cent to $1,964.

According to Matt Simpson, a senior market analyst at City Index, gold has potential to sort of increase from here. He added that the next significant levels may be between $1,985 and $2,000.

However, Simpson continued, “that could cause some nervousness (among gold investors) if the Fed does indicate more rate increases.”

Among other precious metals, spot silver fell by 0.2 per cent to $24.8091 per ounce.