By India Today Business Desk: Both gold and silver prices have recorded a downfall on the Multi Commodity Exchange (MCX) on Thursday, July 6, 2023.
Gold futures, maturing on August 4, 2023, stood at Rs 58,638 per 10 grams, after recording a marginal dip of Rs 18 or 0.03 percent. The previous close was recorded at Rs 58,473.
Similarly, silver futures, due on September 5, 2023, witnessed a downfall of Rs 41 or 0.06 percent and were retailing at Rs 71,472 per kg on the MCX against the previous close of Rs 71,357.
GOLD AND SILVER PRICES IN MAJOR CITIES
|CITY||GOLD (per 10 grams, 22 carats)||SILVER (per kg)|
|NEW DELHI||Rs 54,400||Rs 73,000|
|MUMBAI||Rs 54,250||Rs 73,000|
|KOLKATA||Rs 54,250||Rs 73,000|
|CHENNAI||Rs 54,600||Rs 75,800|
The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.
GOLD, SILVER PRICE IN INTERNATIONAL MARKET
Gold was flat on Thursday as investors awaited a raft of U.S. economic data that could influence the Federal Reserve’s policy trajectory, after minutes of its June meeting reaffirmed expectations that interest rates could remain higher for longer, news agency Reuters reported.
According to the latest metal report, spot gold held its ground at $1,918.59 per ounce by 0241 GMT, while U.S. gold futures fell 0.1 per cent to $1,925.00.
Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion.
Spot silver rose 0.1 per cent to $23.1292 per ounce, among other precious metals.