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 Friday, May 19.
Gold futures, maturing on June 5, 2023, stood at Rs 59, 863 per 10 grams on the MCX, after recording a hike of Rs 91 or 0.15 per cent.
Similarly, silver futures, maturing on July 5, 2023, also witnessed a jump of Rs 301 or 0.42 per cent and were trading at Rs 72,490 per kg on the MCX.
The prices of gold and silver stood at Rs 59,723 per 10 grams and Rs 72,143 per kg respectively when the market closed on May 18.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,950 | Rs 74,300 |
| MUMBAI | Rs 55,800 | Rs 74,300 |
| KOLKATA | Rs 55,800 | Rs 74,300 |
| CHENNAI | Rs 56,250 | Rs 78,000 |
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 ticked up on Friday but were on course for their biggest weekly drop in 3-1/2 months as hopes of a resolution in the U.S. debt ceiling negotiations and fading expectations of a rate cut by year-end took some shine off bullion, news agency Reuters reported.
