On March 1, 2024, the Gold Price Today reflects a continued upward trend for both gold and silver on the Multi Commodity Exchange (MCX).
For the second consecutive day, the prices of gold and silver experienced an uptick on the Multi Commodity Exchange (MCX). Gold futures, expiring on April 5, 2024, were valued at Rs 62,578 per 10 grams on the MCX, marking a slight increase of Rs 6 or 0.01 percent from the previous close of Rs 62,567.
Similarly, silver futures, with a maturity date of May 3, 2024, observed a rise of Rs 191 or 0.27 percent, trading at Rs 71,519 per kilogram on the MCX, compared to the previous close of Rs 71,279.
The pricing of gold and silver in India is influenced by various factors, including fluctuations in the value of the rupee against the dollar, along with global demand dynamics, which significantly impact the trajectory of precious metal rates.
Internationally, gold reached a one-month peak on Thursday, buoyed by a weakening dollar following the release of US inflation data that met market expectations. Investors are now awaiting further statements from Federal Reserve officials for insights into potential interest rate adjustments. Spot gold saw a rise of 0.6 percent, reaching $2,046.29 per ounce, while US gold futures settled at $2,054.7, marking a 0.6 percent increase.
According to Tai Wong, an independent metals analyst based in New York, gold investors capitalized on the data, notwithstanding its alignment with recent inflation reports. However, he cautioned that gold might encounter technical resistance around the $2,065 mark.
In tandem with gold, silver also experienced a surge, climbing by 1.1 percent to $22.68 per ounce, further illustrating the upward momentum in precious metal markets.
