After witnessing mixed trends in the Indian market, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Friday, January 19, 2024.
Gold futures, maturing on February 5, 2024, stood at Rs 61,920 per 10 grams on the MCX, after recording a marginal hike of Rs 125 or 0.20 per cent. The previous close was recorded at Rs 61,769.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a hike of Rs 50 or 0.07 per cent and were retailing at Rs 71,698 per kg on the MCX against the previous close of Rs 71,615.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,850 | Rs 75,700 |
| MUMBAI | Rs 57,700 | Rs 75,700 |
| KOLKATA | Rs 57,700 | Rs 75,700 |
| CHENNAI | Rs 58,100 | Rs 77,200 |
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 ON INTERNATIONAL MARKET
Gold prices were headed to mark their biggest weekly drop in six on Friday, driven by a robust dollar and higher bond yields as US central bankers pushed back against expectations of early rate cuts amid signs of resilience in the economy, news agency Reuters reported.
According to the latest metal report, spot gold was little changed at $2,022.07 per ounce, but has fallen 1.3 per cent so far in the week. US gold futures rose 0.1 per cent to $2,024.10.
Among other precious metals, spot silver fell 0.3 per cent to $22.68 per ounce.