Both gold and silver prices experienced an upward surge on the Multi Commodity Exchange (MCX) on the notable date of Friday, September 15th.
In particular, the gold futures, which are set to mature on October 5, 2023, exhibited a notable performance, commanding a value of Rs 58,724 for every 10 grams within the MCX trading platform. This figure represented a modest yet discernible increase of Rs 132, equivalent to a 0.23 percent increment.
In a similar fashion, the silver futures, scheduled to mature on December 5, 2023, embarked on an upward trajectory. They manifested a remarkable ascent of Rs 608, translating to an impressive 0.86 percent gain, ultimately positioning themselves at Rs 71,600 per kilogram on the MCX platform.
To provide context, it's worth noting that when the market concluded its operations on September 14th, the gold and silver prices were registered at Rs 58,588 per 10 grams and Rs 70,982 per kilogram, respectively.
It's essential to recognize that the valuation of gold and silver in the Indian market hinges on a multifaceted array of determinants. Among these influential factors is the dynamic exchange rate between the Indian rupee and the US dollar. Additionally, the global demand for these precious metals plays an instrumental role in shaping the prevailing trends that govern their rates.
The catalyst for the rise in gold prices on Friday can be attributed to the weakening of the dollar against the yuan, which occurred in the wake of encouraging economic data emanating from China. This boost in economic indicators fueled optimism regarding the recovery prospects within the world's foremost consumer of bullion, thereby contributing to the positive trajectory of gold prices. Nonetheless, investors remained cautious, as the specter of additional interest rate hikes in the United States loomed, maintaining an air of uncertainty in the market, as reported by the reputable news agency Reuters.
According to the latest insights from the world of precious metals, spot gold exhibited a 0.3 percent increase, reaching a noteworthy $1,915.09 per ounce by the time 0320 GMT rolled around. Despite this ascent, it's worth noting that bullion was still on course for a relatively minor weekly decline, following its descent to the vicinity of the $1,900 threshold, marking its lowest point since August 23, an event that transpired just the day before, on Thursday.
US gold futures also reflected this positive momentum, showing a 0.2 percent uptick, attaining a value of $1,936.70.
In addition to gold, spot silver experienced a notable leap, surging by 1 percent to $22.86 per ounce, joining the ranks of other esteemed precious metals in this upward trajectory.
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