Today, February 7, 2024, saw a decline in the price of gold and silver on the MCX
Following an ascension in the Indian market on the preceding day, both gold and silver prices experienced a decline on the Multi Commodity Exchange (MCX) on Wednesday, February 7, 2024.
Gold futures, reaching maturity on April 5, 2024, were positioned at Rs 62,522 per 10 grams on the MCX, registering a marginal descent of Rs 84 or 0.13 per cent. The antecedent closure stood at Rs 62,574.
Simultaneously, silver futures, set to mature on March 5, 2024, observed a decline of Rs 194 or 0.27 per cent, retailing at Rs 70,448 per kg on the MCX, in contrast to the previous closing figure of Rs 70,594.
GOLD AND SILVER PRICES ACROSS MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
|---|---|---|
| NEW DELHI | Rs 58,150 | Rs 74,500 |
| MUMBAI | Rs 58,000 | Rs 74,500 |
| KOLKATA | Rs 58,000 | Rs 74,500 |
| CHENNAI | Rs 58,500 | Rs 76,000 |
The valuation of gold and silver in India is contingent on various factors, encompassing the rupee’s value in relation to the dollar. Additionally, global demand plays a pivotal role in shaping the observed trends in the rates of precious metals.
INTERNATIONAL RATES FOR GOLD AND SILVER
On Tuesday, gold strengthened following a pullback in the US dollar and Treasury yields, with traders positioning themselves in anticipation of comments from several Federal Reserve officials throughout the week to assess the probable pace of interest rate adjustments this year, as reported by the news agency Reuters.
As per the latest metal report, spot gold advanced by 0.6 per cent to $2,035.89 per ounce after reaching its lowest point since January 25 in the preceding session.
US gold futures concluded 0.4 per cent higher at $2051.4.
Han Tan, chief market analyst at Exinity Group, remarked, “Gold bulls have been affected by stronger-than-anticipated US economic data and have been compelled to reconsider lower levels, as markets continue to reduce their expectations for a Fed rate cut in March.”
In the realm of other precious metals, spot silver ascended by 0.4 per cent to $22.45 per ounce.
