As of April 16, 2024, the trading scene at the Multi Commodity Exchange (MCX) is witnessing both gold and silver prices riding the upward wave. The current dynamics showcase a notable surge in their values compared to previous sessions. Specifically, gold futures, slated for maturity on June 5, 2024, stand firm at Rs 72,813 per 10 grams on the MCX, marking a significant uptick of Rs 536 or 0.74 percent from the preceding figure of Rs 72,277. Meanwhile, silver futures, due for maturity on May 3, 2024, are experiencing an increment of Rs 206 or 0.25 percent, retailing at Rs 84,057 per kg on the MCX, as opposed to the previous closure at Rs 83,851.
Delving into the city-wise statistics, major urban centers like New Delhi, Mumbai, Kolkata, and Chennai are reflecting uniform patterns in gold and silver pricing. For instance, in New Delhi and Mumbai, the rates stand at Rs 68,100 and Rs 67,950 per 10 grams for gold, and Rs 87,000 per kg for silver. Similarly, in Kolkata, the prices mirror those of New Delhi and Mumbai. Chennai presents slightly higher values for gold at Rs 68,700 per 10 grams and Rs 90,500 per kg for silver.
The price dynamics of gold and silver in India are influenced by a multitude of factors, among which the exchange rate of the rupee vis-Ã -vis the dollar and global demand occupy significant positions, steering the trends observed in the precious metals market.
In the international arena, gold prices are showing an upward trend, bolstered by mounting concerns over geopolitical tensions between Iran and Israel, which are stimulating demand for the safe-haven metal. According to the latest reports, spot gold is experiencing a 0.2 percent uptick, hovering around $2,387.11 per ounce by 0355 GMT, while U.S. gold futures are marking a 0.9 percent increase, reaching $2,403.90 per ounce. On the other hand, spot silver is witnessing a slight decline of 0.3 percent, settling at $28.80 per ounce.
