Both gold and silver prices experienced a decline on the Multi Commodity Exchange (MCX) on Monday, October 23, 2023.
Gold futures, with a maturity date of December 5, 2023, were listed at Rs 60,546 per 10 grams on the MCX. This represented a marginal decrease of Rs 190 or 0.31 per cent compared to the previous closing price of Rs 60,736.
In the same vein, silver futures, also maturing on December 5, 2023, saw a modest increase of Rs 203 or 0.28 per cent and were available for purchase at Rs 72,706 per kilogram on the MCX. This figure differed from the previous closing price of Rs 71,895.
The prices of gold and silver in India are influenced by various factors, including the exchange rate of the rupee against the dollar. Furthermore, global demand plays a significant role in shaping the trends observed in the rates of these precious metals.
Gold prices retreated from the five-month peak observed in the previous session on Monday. This decline was associated with the strengthening of the U.S. dollar and Treasury yields, which occurred in anticipation of crucial economic data to be released during the week. Investors are closely monitoring these developments for any indications of a global impact resulting from the ongoing Middle East conflict, as reported by the news agency Reuters.
As per the latest report on metals, spot gold saw a decrease of 0.4 per cent, trading at $1,972.39 per ounce by 0334 GMT. In addition, U.S. gold futures registered a decline of 0.5 per cent, reaching $1,983.50.
Looking at other precious metals, spot silver also experienced a drop of 0.5 per cent, with its price resting at $23.23 per ounce.
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