Gold, silver price today, January 3, 2024: Yellow metal records hike, silver trades lower on MCX
Both gold and silver prices showed mixed trends in the Indian markets today.
Gold is trading on the higher side of the Multi Commodity Exchange (MCX) while silver prices have recorded a dip on Wednesday, January 3.
Gold futures, maturing on February 5, 2024, stood at Rs 63,313 per 10 grams, after recording a marginal hike of Rs 39 or 0.06 per cent. The previous close was recorded at Rs 63,257.
Meanwhile, silver futures, due on March 5, 2024, witnessed a downfall of Rs 17 or 0.02 per cent and were retailing at Rs 74,098 per kg on the MCX against the previous close of Rs 74,095.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 58,900 | Rs 78,900 |
| MUMBAI | Rs 58,750 | Rs 78,900 |
| KOLKATA | Rs 58,750 | Rs 78,900 |
| CHENNAI | Rs 59,200 | Rs 80,300 |
The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.
GOLD, SILVER PRICE IN INTERNATIONAL MARKET
Gold entered 2024 under pressure from a jump in the US dollar, but held its ground on expectations the Federal Reserve will cut interest rates this year and rising concerns over attacks on shipping in the Red Sea, news agency Reuters reported.
Spot gold steadied at $2,061.59 per ounce on Tuesday after rising as much as 0.8 per cent earlier in the session. US gold futures slipped 0.1 per cent to $2,070.30.
Gold prices surged 13 per cent in 2023 in their first annual rise since 2020 and are forecast to reach record highs in 2024, as lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Among other precious metals, silver fell 0.5 per cent to $23.64 per ounce.