On Monday, gold and silver were trading on the higher side of the Multi Commodity Exchange (MCX). Witnessing a marginal hike of Rs 18 or 0.04 per cent, gold futures maturing on December 3, 2021, stand at Rs 46,532 per 10 grams on the MCX.
Meanwhile, silver futures, maturing on December 3, 2021, are retailing at Rs 60,517 per kg, with a jump of Rs 30 or 0.05 per cent.
Indian market prices of gold and silver largely depend on the international prices and are calculated keeping the latter as the basis. Other factors like the USD to INR conversion rate, supply and demand of gold and silver in MCX trading also play a key role in determining the prices of these precious metals.
Gold and Silver prices in International market
As per Reuters, gold prices edged down on Monday, with a firmer dollar dimming bullion’s appeal, as investors eye a key U.S. jobs report later this week that could influence the Federal Reserve’s timeline for tapering its asset purchases.
Spot gold fell 0.1 per cent to $1,758.48 per ounce by 0332 GMT, after hitting $1,765.54, its highest since September 23. According to the metal report, U.S. gold futures rose 0.1 per cent to $1,759.80.
The dollar index was up 0.1 per cent, rebounding from its lowest level since September 29 hit earlier, making gold more expensive for buyers holding other currencies. Silver was down 0.1 per cent at $22.51 an ounce.
Gold and Silver prices in Indian cities:
|CITY||GOLD (per 10 grams,22 carats)||SILVER (per kg)|
|NEW DELHI||Rs 45,570||Rs 60,500|
|CHENNAI||Rs 43,890||Rs 64,600|
|MUMBAI||Rs 45,500||Rs 60,500|
|KOLKATA||Rs 46,880||Rs 60,500|