On Thursday, August 8, 2024, both gold and silver prices saw an upward trend on the Multi Commodity Exchange (MCX). Gold futures, set to mature on October 4, 2024, recorded a modest increase of Rs 35, or 0.05 percent, bringing the price to Rs 69,000 per 10 grams. This is up from the previous close of Rs 68,965. Similarly, silver futures, maturing on September 5, 2024, experienced a slight rise of Rs 248, or 0.31 percent, and were trading at Rs 79,148 per kilogram, compared to the previous close of Rs 78,900.
The prices of gold and silver in India are influenced by various factors, including the exchange rate between the rupee and the dollar, global demand, inflation rates, and geopolitical stability. Economic policies, interest rates, and market speculation also play crucial roles in determining the trends observed in the rate of these precious metals.
In the international market, safe-haven gold prices edged higher on Thursday. This uptick was supported by ongoing tensions in the Middle East and optimism regarding potential U.S. rate cuts. Traders were also looking forward to economic data that could provide insights into the Federal Reserve's future policy decisions. According to Reuters, spot gold increased by 0.3 percent to $2,389.42 per ounce as of 0331 GMT, while U.S. gold futures slightly decreased by 0.2 percent to $2,428.40 per ounce. Spot silver also saw a notable rise, climbing nearly 1 percent to $26.84 per ounce.
For those interested in the latest city-wise gold and silver prices, here's a more detailed overview: In Delhi, gold prices stand at Rs 69,500 per 10 grams, while in Mumbai, the price is Rs 69,000. In Chennai, gold is priced at Rs 70,000, and in Kolkata, it is Rs 69,200. In Bangalore, the price is Rs 69,100, and in Hyderabad, it stands at Rs 69,050. Ahmedabad sees gold priced at Rs 69,300, Pune at Rs 69,000, Jaipur at Rs 69,400, Lucknow at Rs 69,350, Patna at Rs 69,250, and Bhubaneswar at Rs 69,150.Â
Similarly, silver prices in various cities are also on the rise. In Delhi, silver is priced at Rs 79,500 per kilogram. In Mumbai, it stands at Rs 79,148. In Chennai, the price is Rs 79,600, while in Kolkata, it is Rs 79,400. Bangalore sees silver priced at Rs 79,300, Hyderabad at Rs 79,250, and Ahmedabad at Rs 79,450. In Pune, silver is priced at Rs 79,148, Jaipur at Rs 79,350, Lucknow at Rs 79,320, Patna at Rs 79,270, and Bhubaneswar at Rs 79,180.
These prices reflect the ongoing fluctuations in the precious metals market and are indicative of both national and global economic trends. The increase in gold and silver prices on the MCX is also a reflection of investors seeking safe-haven assets amidst geopolitical tensions and economic uncertainties.
In the international arena, gold prices have been supported by a combination of factors. Middle East tensions have heightened the demand for gold as a safe-haven asset. Additionally, the anticipation of U.S. rate cuts has contributed to the bullish sentiment in the gold market. Traders and investors are closely monitoring economic data releases that could provide further clues on the Federal Reserve's policy trajectory.
The spot price of gold rose by 0.3 percent to $2,389.42 per ounce, while U.S. gold futures slightly dipped by 0.2 percent to $2,428.40 per ounce. Spot silver also experienced a rise, increasing nearly 1 percent to $26.84 per ounce. Investors and consumers are advised to stay informed about market movements and economic indicators that may impact the prices of gold and silver. Keeping an eye on global geopolitical developments, currency exchange rates, and central bank policies will be crucial for making informed decisions regarding investments in precious metals. The rise in prices is not only a reflection of the immediate economic conditions but also an indicator of market sentiment and future expectations. As always, investors need to consider all factors, including long-term stability and potential risks, before making investment decisions.
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