By India Today Business Desk: For the third day in a row, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, July 20.
Gold futures, maturing on August 4, 2023, stood at Rs 59,984 per 10 grams on the MCX, after recording a marginal hike of Rs 149 or 0.25 per cent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 158 or 0.21 per cent and were trading at Rs 76,600 per kg on the MCX.
The prices of gold and silver stood at Rs 59,790 per 10 grams and Rs 76,409 per kg respectively when the market closed on July 19.
GOLD, SILVER PRICES IN MAJOR CITIES
|CITY||GOLD (per 10 grams, 22 carats)||SILVER (per kg)|
|NEW DELHI||Rs 55,750||Rs 78,400|
|MUMBAI||Rs 55,700||Rs 78,400|
|KOLKATA||Rs 55,700||Rs 78,400|
|CHENNAI||Rs 55,900||Rs 82,400|
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 climbed on Thursday to a nine-week peak on a weaker dollar and bets that the U.S. Federal Reserve might soon hit pause on its interest rate hiking cycle, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.5 per cent at $1,987.18 per ounce by 0325 GMT, its highest since mid-May. U.S. gold futures were up 0.4 per cent to $1,988.80.
Additionally, the dollar index was 0.2 per cent lower, close to an over one-year low, making gold cheaper for holders of other currencies.
Among other precious metals, spot silver rose 0.3 per cent to $25.23 per ounce.