MCX Commodity: View Today’s Gold and Silver Prices

Prior to the bell ringing for the close of the commodities market, gold saw profit booking after a price increase earlier in the trading session on Thursday. The Multi Commodity Exchange (MCX) gold futures contract for August 2023 expiration fell perilously near to Rs. 59,000 per 10 kilos, completely wiping out the gains recorded over the previous week. This precious metal’s price is now fluctuating about USD 1,951 per ounce on the global market, while it is hovering around Rs. 59,200 per 10 grams on the MCX.

Similarly, the price of silver currently fluctuates, ranging between Rs. 73,800 and USD 24.20 per ounce on the international market, and Rs. 73,800 to Rs. 73,800 per kilogram on the MCX. It’s important to note that silver prices were over USD 25 on international markets on Thursday morning.

Better-than-expected US GDP and unemployment claim figures are to blame for the regression of gold and silver prices from their weekly highs, according to industry specialists that specialize in the commodities market. They claim that the present stage of gold prices entails creating a strong foundation, with the price of the precious metal fluctuating between USD 1,935 and USD 1,985 per ounce. These analysts predict that gold prices would be under pressure in the near future due to the positive US economic statistics, perhaps falling another 10 to 15 USD on the global market. They do, however, believe that bargain purchasing will provide support at certain levels.

According to the Commerce Department’s preliminary estimate issued on Thursday, US GDP statistics for the April to June 2023 quarter showed an increase of 2.4 percent in year-on-year terms, up from a 2 percent rate in the January to March 2023 quarter. Notably, consumer spending increased by 1.6 percent during this time, exceeding original projections and demonstrating a rebound from the year’s beginning.