On Thursday, March 14, 2024, precious metals exhibited mixed trends in the Indian markets, with gold trading lower on the Multi Commodity Exchange (MCX) while silver prices recorded a hike.
Gold futures maturing on April 5, 2024, were priced at Rs 65,843 per 10 grams, marking a marginal dip of Rs 84 or 0.13 percent compared to the previous close of Rs 65,897.
In contrast, silver futures due on May 3, 2024, witnessed a hike of Rs 158 or 0.21 percent, with prices retailing at Rs 75,382 per kg on the MCX, up from the previous close of Rs 75,170.
The prices of gold vary across different regions in India due to factors such as excise duty, making charges, and state taxes.
In the international market, gold prices experienced a slight decline as the US dollar strengthened. However, bullion remained near record-high levels as traders awaited more economic data from the US that could influence expectations for a mid-year rate cut by the Federal Reserve, according to Reuters.
Spot gold fell 0.2 percent to $2,171.05 per ounce, while US gold futures also dipped 0.2 percent to $2,175.40.
The US dollar index rose by 0.1 percent, making gold relatively more expensive for holders of other currencies.
Kelvin Wong, a senior market analyst for Asia Pacific at OANDA, noted that although there was a minor pullback in gold prices after the release of US CPI data, it did not significantly alter the market's perception of US monetary policy. He anticipated that gold prices could remain supported depending on the outcome of the day's Producer Price Index (PPI) data.
Among other precious metals, silver declined by 0.3 percent to $24.95, following an earlier session high that marked a more than four-month peak.
