For the second day in a row, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Friday, October 27.
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Gold futures, maturing on December 5, 2023, stood at Rs 61,034 per 10 grams on the MCX, after recording a marginal hike of Rs 38 or 0.06 per cent.
Similarly, silver futures, maturing on December 5, 2023, also witnessed a jump of Rs 285 or 0.40 per cent and were trading at Rs 71,895 per kg on the MCX.
The prices of gold and silver stood at Rs 60,952 per 10 grams and Rs 71,580 per kg respectively when the market closed on October 26.
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.
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GOLD, SILVER PRICE ON INTERNATIONAL MARKET
Gold prices were poised for a third consecutive weekly gain on Friday as the Middle East conflict kept investors drawn towards the safety of bullion despite a higher-for-longer US interest rate backdrop, news agency Reuters reported.
According to the latest metal report, spot gold edged 0.1 per cent higher to $1,986.76 per ounce by 0341 GMT. US gold futures were steady at $1,996.80.
“Gold prices will be a function of the Israel-Hamas conflict for as long as things are at risk of escalating,” said Kyle Rodda, financial market analyst at Capital.com.
Gold has gained about 9 per cent as investors sought refuge from the potential fallout of the Israel-Hamas war that escalated earlier this month. But the lingering prospects of higher US interest rates have kept prices below the $2,000 ceiling last breached in May.
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“Gold is holding where it is because of geopolitical risks, with prices diverging from the typical fundamental drivers … if it were a factor of real yields and the dollar, gold would be lower,” Rodda added.
Among other precious metals, spot silver steadied at $22.84 per ounce.
