On Wednesday, March 6, 2024, gold and silver prices saw a consecutive dip on the Multi Commodity Exchange (MCX) for the second day in a row.
Gold futures, scheduled to mature on April 5, 2024, were listed at Rs 64,735 per 10 grams on the MCX. The metal experienced a slight dip of Rs 145 or 0.22 per cent from the previous close of Rs 64,845.
Simultaneously, silver futures set to mature on May 3, 2024, witnessed a dip of Rs 291 or 0.40 per cent, trading at Rs 73,203 per kg on the MCX. This was in comparison to the previous close of Rs 73,374.
The fluctuation in gold and silver prices in India is influenced by various factors, including the rupee’s value against the dollar. Additionally, global demand plays a significant role in shaping trends in precious metal rates.
Gold and Silver Rates in the International Market:
On Tuesday, gold marked a record high, surpassing $2,100 per ounce. This surge was driven by increasing speculation of a US interest rate cut in June and heightened demand for safe-haven assets amid the conflict in the Middle East, as reported by Reuters.
In the latest metal report, spot gold observed a gain of 0.8 per cent, reaching $2,132 per ounce, after hitting a record $2,141.59 earlier. US gold futures settled about 0.7 per cent higher at $2,141.9.
Gold, often considered a secure store of value during periods of political and financial uncertainty, has seen an increase of over $300 since the commencement of the Israel-Hamas conflict.
The pressure on gold arises when higher interest rates are implemented to control inflation, subsequently increasing returns on alternative assets like bonds and strengthening the dollar. This, in turn, makes the precious metal more expensive for overseas buyers.
Among other precious metals, spot silver experienced a slight decline of 0.8 per cent, reaching $23.70 per ounce.
