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On Monday, gold and silver were trading on the higher side of the Multi Commodity Exchange (MCX). Witnessing a hike of Ra 167 or 0.36 per cent, gold futures maturing on October 5, 2021, stand at Rs 46,036 per 10 grams on the MCX.

Meanwhile, the rate of silver futures, maturing on December 3, 2021, stands at Rs 60,626 per kg with a jump of 0.97 per cent or Rs 581 on the MCX.

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 on international market

As per Reuters, gold prices firmed on Monday, propped up by a subdued dollar and slight retreat in the U.S. Treasury yields, with investors gearing up for a week of speeches from U.S. Federal Reserve policymakers for cues on the central bank’s rate hike path.

Meanwhile, spot gold was up 0.5 per cent at $1,759.06 per ounce, as of 0400 GMT, while U.S. gold futures were up 0.4 per cent at $1,759.00.

While the dollar index softened, the benchmark 10-year Treasury yields eased after hitting their highest since early July. A weaker dollar offered support to gold prices, making bullion cheaper for holders of other currencies.

According to IG Market analyst Kyle Rodda, “Gold is still looking slightly precarious where it is right now, and it’s probably bouncing off a key technical level around $1,750.”

Also, the holdings of SPDR Gold Trust, increased 0.1 per cent to 993.52 tonnes on Friday from 992.65 tonnes in the prior session. Silver rose 0.9 per cent to $22.61 per ounce.

Gold and Silver prices in major Indian cities

CITYGOLD (per 10 grams,22 carats)SILVER (per kg)
DELHIRs 45,350Rs 60,500
MUMBAIRs 45,240Rs 60,500
CHENNAIRs 43,690Rs 64,700
KOLKATARs 45,900Rs 60,500

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India today

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