Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Monday, February 5, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 62,525 per 10 grams on the MCX, after recording a marginal dip of Rs 87 or 0.14 per cent. The previous close was recorded at Rs 62,562.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a dip of Rs 276 or 0.39 percent and were retailing at Rs 71,029 per kg on the MCX against the previous close of Rs 71,028.
GOLD, AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 58,100 | Rs 75,200 |
| MUMBAI | Rs 57,950 | Rs 75,200 |
| KOLKATA | Rs 57,950 | Rs 75,200 |
| CHENNAI | Rs 58,500 | Rs 76,700 |
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, AND SILVER RATES IN THE INTERNATIONAL MARKET
Gold prices fell on Monday, as the dollar and Treasury yields surged after a blowout US jobs report crushed expectations of near-term interest rate cuts from the Federal Reserve, news agency Reuters reported.
According to the latest metal report, spot gold was down 0.3 percent at $2,053.50 per ounce by 0420 GMT. US gold futures fell 0.2 percent to $2,049.10 per ounce.
“While gold may struggle to hold on to gain, there appears to be no immediate appetite to drive it below $2,000. So, perhaps gold will remain in a choppy range at elevated levels,” said Matt Simpson, a senior analyst at City Index.
Among other precious metals, spot silver fell 0.4 percent to $22.58 per ounce.
