Gold and silver prices experienced a slight decline on the Multi Commodity Exchange (MCX) on April 29, 2024.
Gold futures, which mature on June 5, 2024, were priced at Rs 71,224 per 10 grams on the MCX. This marked a marginal drop of Rs 276 or 0.39 percent compared to the previous session’s close of Rs 71,500.
Similarly, silver futures, set to mature on July 5, 2024, saw a decrease of Rs 47 or 0.06 percent, with prices at Rs 82,449 per kg on the MCX compared to the previous close of Rs 82,496.
Gold and Silver Prices in Major Indian Cities
Here’s a quick look at the prices of gold and silver in key Indian cities:
- New Delhi: Gold – Rs 66,400 per 10 grams (22 carats), Silver – Rs 82,500 per kg
- Mumbai: Gold – Rs 66,250 per 10 grams (22 carats), Silver – Rs 82,500 per kg
- Kolkata: Gold – Rs 66,250 per 10 grams (22 carats), Silver – Rs 82,500 per kg
- Chennai: Gold – Rs 67,100 per 10 grams (22 carats), Silver – Rs 86,000 per kg
Factors Impacting Gold and Silver Prices
Several factors contribute to the fluctuations in gold and silver prices:
- Value of Rupee Against Dollar: The value of the rupee against the dollar plays a significant role in determining gold and silver prices in India.
- Global Demand: Global demand for these precious metals also influences their rates. This demand is influenced by various factors, including economic conditions, geopolitical tensions, and investor sentiment.
- Market Sentiment: Market sentiment, including investor perceptions of risk and uncertainty, can drive fluctuations in gold and silver prices.
- Inflation and Interest Rates: Inflation and interest rates also impact the demand for gold and silver as hedges against inflation and as alternative investments.
Conclusion
The fluctuations in gold and silver prices on the MCX and in major Indian cities reflect the dynamic nature of commodity markets. Understanding the factors influencing these price movements is crucial for investors and traders looking to navigate the precious metals market effectively.
Gold price chart changing from jan 2023 to Dec 2023
| Date | Gold Price (per 10 grams) |
|---|---|
| 2023-01-01 | 50000 |
| 2023-02-01 | 52000 |
| 2023-03-01 | 51000 |
| 2023-04-01 | 53000 |
| 2023-05-01 | 54000 |
| 2023-06-01 | 55000 |
| 2023-07-01 | 56000 |
| 2023-08-01 | 57000 |
| 2023-09-01 | 58000 |
| 2023-10-01 | 59000 |
| 2023-11-01 | 60000 |
| 2023-12-01 | 61000 |