While gold is trading on the lower side on the Multi Commodity Exchange (MCX), silver rates have once again jumped today. Check city-wise rates here.
HIGHLIGHTS
- Gold is trading at Rs 48,378 per 10 grams on the MCX.
- Silver rates have edged higher with 0.33 per cent of hike on July 16, 2021.
- The rate of silver stands at Rs 69,906 per kg on the MCX.
The rates of both gold and silver have changed on the Multi Commodity Exchange (MCX) today. Witnessing a downfall of Rs 19 or 0.04 per cent, gold futures maturing on August 5, 2021, stand at Rs 48,378 per 10 grams on the MCX. Meanwhile, silver futures maturing on September 3 stand at Rs 69,906 per kg, recording a hike of 0.33 per cent or Rs 229 on July 16, 2021.
On Thursday, while the gold stood at Rs 48,270 per 10 grams, recording a dip of Rs 0.05 per cent or Rs 24, silver was trading at Rs 69,500 per kg on the MCX. When the market closed on July 15, 2021, gold was trading at Rs 48,400 per 10 grams. Silver stood at Rs 69,681 per kg yesterday when the market closed.
Indian market prices of gold and silver heavily depend on the international prices and are calculated by keeping the latter as a basis. Other factors like the USD to INR conversion rate, the supply and demand of gold and silver in MCX trading also play a significant role in determining the prices of gold and silver.
Gold and silver prices on international market:
As per Reuters, gold prices were headed for the fourth straight weekly gain on Friday, as investors took comfort from Federal Reserve Chair Jerome Powell’s stance that the U.S. central bank would continue to support the economy and inflation would be transitory.
Meanwhile, spot gold was flat at $1,829.14 per ounce by 0048 GMT but gained 1.2 per cent so far this week. According to the report, U.S. gold futures edged up 0.1 per cent to $1,830.30. Silver was flat at $26.32 per ounce.
The report also suggested that the economy in China, which is one of the leading consumers of gold, grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks.
Yesterday, Barrick Gold Corp stated that its second-quarter gold production fell 5.4 per cent from the previous quarter, dented by planned maintenance shutdowns at Nevada Gold Mine in the U.S. and Pueblo Viejo in the Dominican Republic.
Gold and silver prices in major Indian cities:
| CITY | GOLD (per 10 grams,22 carats) | SILVER (per kg) |
| New Delhi | Rs 47,310 | Rs 69,700 |
| Mumbai | Rs 47,490 | Rs 69,700 |
| Chennai | Rs 45,660 | Rs 74,700 |
| Jaipur | Rs 47,310 | Rs 69,700 |
| Kolkata | Rs 47,710 | Rs 69,700 |
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