By India Today Business Desk: For the third day in a row, both gold and silver prices are retailing on the higher side of the Multi Commodity Exchange (MCX) on Wednesday, June 28, 2023.
Gold futures, maturing on August 4, 2023, stood at Rs 58,190 per 10 grams, after recording a marginal hike of Rs 64 or 0.11 percent. The previous close was recorded at Rs 58,107.
Similarly, silver futures, due on July 5, 2023, witnessed a jump of Rs 113 or 0.16 percent and were retailing at Rs 69,580 per kg on the MCX against the previous close of Rs 69,341.
GOLD AND SILVER PRICES IN MAJOR CITIES
|CITY||GOLD (per 10 grams, 22 carats)||SILVER (per kg)|
|NEW DELHI||Rs 54,500||Rs 71,500|
|MUMBAI||Rs 54,350||Rs 71,500|
|KOLKATA||Rs 54,350||Rs 71,500|
|CHENNAI||Rs 54,750||Rs 75,700|
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 held near three-month lows on Wednesday after strong U.S. economic readings offset bullion’s traditional safe-haven status, while traders positioned for Federal Reserve Chair Jerome Powell’s speech and more data for clues on rate hikes, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.1 per cent to $1,915.22 per ounce by 0346 GMT, hovering close to its lowest level since March 16 at $1,910. U.S. gold futures were flat at $1,924.10.
“Strong economic data (in the U.S) strengthened the dollar to send gold back towards its June-low overnight,” said Matt Simpson, senior market analyst at City Index, adding that bullion appeared to be technically driven with bears booking profits.
Spot silver fell 0.1 per cent to $22.87 per ounce, among other precious metals.