On Wednesday, October 4, 2023, both gold and silver prices witnessed a slight decline on the Multi Commodity Exchange (MCX).
Gold Futures: Gold futures, which are set to mature on December 5, 2023, were priced at Rs 56,820 per 10 grams on the MCX. This marked a marginal decrease of Rs 107 or 0.19 percent from the previous close, which stood at Rs 56,927.
Silver Futures: On the same day, silver futures with a maturity date of December 5, 2023, experienced a drop of Rs 372 or 0.55 percent, trading at Rs 67,022 per kilogram on the MCX, as opposed to the previous close of Rs 67,394.
Gold and Silver Prices in Major Indian Cities: It’s important to note that gold and silver prices in India are influenced by various factors, including the value of the rupee against the dollar and global demand. These factors collectively determine the trends observed in the rates of precious metals.
Gold and Silver Prices in the International Market: Meanwhile, in the international market, gold prices edged lower, approaching seven-month lows. This decline can be attributed to the strengthening dollar and rising bond yields, driven by robust U.S. jobs data. According to the latest metal report, spot gold saw a 0.1 percent decrease, reaching $1,820.70 per ounce by 0332 GMT. Simultaneously, U.S. gold futures fell by 0.3 percent to $1,836.20 per ounce.
Spot Silver: In addition to gold, spot silver also saw a decline, falling by 0.5 percent to $21.04 per ounce.
These fluctuations in gold and silver prices are closely monitored by investors and enthusiasts, influenced by a variety of economic factors and market dynamics.