After retailing on the lower side yesterday, both gold and silver prices are retailing on the higher side of the Multi Commodity Exchange (MCX) on Wednesday, May 17.
Gold futures, maturing on June 5, 2023, stood at Rs 60,385 per 10 grams on the MCX, after recording a hike of Rs 141 or 0.23 per cent.
Similarly, silver futures, maturing on July 5, 2023, also witnessed a jump of Rs 85 or 0.12 per cent and were trading at Rs 72,675 per kg on the MCX.
The prices of gold and silver stood at Rs 60,244 per 10 grams and Rs 72,585 per kg respectively when the market closed on May 16.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 56,900 | Rs 75,100 |
| MUMBAI | Rs 56,750 | Rs 75,100 |
| KOLKATA | Rs 56,750 | Rs 75,100 |
| CHENNAI | Rs 57,180 | Rs 78,800 |
The gold and silver prices in India depend on several factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining the trends observed in the rate of precious metals.
Gold prices steadied on Wednesday below the $2,000-mark as investors fretted over the outcome from the U.S. debt-limit negotiations, with a firmer dollar keeping prices in check, news agency Reuters reported.
According to the latest metal report, spot gold ticked up 0.2 per cent to $1,992.56 per ounce by 0254 GMT. U.S. gold futures edged 0.1 per cent higher to $1,995.10.
Gold has been well supported on price dips below $2,000 and with the debt ceiling “process dragging-on, there is some pent-up frustration in the market which is adversely affecting sentiment”, and that could bring safe-haven flows into gold, Tim Waterer, chief market analyst at KCM Trade said, reported Reuters.
Among other precious metals, spot silver rose 0.3 per cent to $23.80 per ounce.
