After witnessing mixed trends in the Indian market yesterday, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, July 27.
Gold futures, maturing on August 4, 2023, stood at Rs 59,610 per 10 grams on the MCX, after recording a marginal hike of Rs 88 or 0.15 per cent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 462 or 0.61 per cent and were trading at Rs 75,945 per kg on the MCX.
The prices of gold and silver stood at Rs 59,461 per 10 grams and Rs 75,324 per kg respectively when the market closed on July 26.
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, SILVER PRICES IN INTERNATIONAL MARKET
Gold prices rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested fairly balanced comments from U.S. Federal Reserve Chair Jerome Powell after a widely expected interest rate hike, news agency Reuters reported adding that gold prices hit highest since July 20.
According to the latest metal report, spot gold was up 0.3 per cent at $1,977.13 per ounce, as of 0352 GMT, after earlier hitting its highest since July 20, while U.S. gold futures rose 0.4 per cent to $1,978.70.
Gold prices could be volatile because of the Fed mentioning another rate hike for the year, with bullion probably seeing a slight movement up, said Brian Lan of Singapore dealer GoldSilver Central, adding that it all depends on upcoming data.
Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion.
Spot silver rose 0.5 per cent to $25.04 per ounce, among other precious metals.
