For the second day in a row, both gold and silver prices were retailing on the lower side of the Multi Commodity Exchange (MCX) on Friday, June 23, 2023.
Recording a marginal dip of Rs 30 or 0.05 per cent, gold futures, maturing on August 4, 2023, stood at Rs 58,178 per 10 grams on the MCX.
Similarly, silver futures, maturing on July 5, 2023, witnessed a downfall of Rs 613 or 0.90 per cent and were retailing at Rs 67,785 per kg on the MCX.
Notably, the prices of gold and silver stood at Rs 58,196 per 10 grams and Rs 68,308 per kg respectively when the market closed on June 22.
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 on Friday were on track for their biggest weekly loss since February, as prospects of additional interest rate hikes by the U.S. Federal Reserve this year supported the dollar, pushing zero-yield bullion to an over three-month low, news agency Reuters reported.
According to the latest metal report, spot gold ticked down 0.1 per cent to $1,911.32 per ounce by 0246 GMT, and was down 2.4 per cent for the week. U.S. gold futures edged lower 0.1 per cent to $1,921.20.
“Gold has extended lower out of the range that it was occupying for a few weeks, suggesting there is more weakness ahead. The decline matches up with the upshift in yields, reflecting hawkish comments from Powell & Fed officials more generally,” Ilya Spivak, head of global macro at Tastylive.
Among other precious metals, spot silver fell 0.5 per cent to $22.1238 per ounce.
Also Read: Army opens fire after witnessing suspicious movement near LoC in Poonch
