Both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Friday, August 18.
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Gold futures, maturing on October 5, 2023, stood at Rs 59,429 per 10 grams on the MCX, after recording a marginal hike of Rs 104 or 0.18 per cent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 402 or 0.57 per cent and were trading at Rs 70,450 per kg on the MCX.
The prices of gold and silver stood at Rs 58,290 per 10 grams and Rs 70,018 per kg respectively when the market closed on August 17.
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 PRICES IN INTERNATIONAL MARKET
Gold edged up from 5-month lows on Friday as the U.S. dollar and bond yields slightly retreated from highs, but bullion was set for its fourth consecutive weekly decline on concerns the Federal Reserve would keep interest rates higher for longer, news agency Reuters reported.
According to the latest metal report, spot gold gained 0.2 per cent to $1,892.02 per ounce by 0358 GMT, after touching its lowest since mid-March on Thursday. U.S. gold futures rose 0.4 per cent to $1,921.90.
Reflecting bearish mood among gold investors, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported another reduction in holdings by 6.93 metric tons to their lowest since January 2020.
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Spot silver jumped 0.6 per cent to $22.82 an ounce, among other precious metals.
