Gold Silver price today : Mixed Trends in Indian Precious Metal Markets September 6, 2023
Gold Experiences Dip while Silver Gains Momentum on MCX
Gold, Silver price today – Gold Dips, Silver Rises
For the second consecutive day, the Indian precious metal markets exhibit a mixed picture. On Wednesday, September 6, gold and silver prices follow different trajectories.
Gold Futures Show a Marginal Dip
Gold futures, maturing on October 5, 2023, experienced a marginal dip of Rs 38 or 0.06 per cent on the Multi Commodity Exchange (MCX). As of the latest update, gold is trading at Rs 59,205 per 10 grams.
Silver Rates Record a Hike
In contrast, silver futures maturing on December 5, 2023, witnessed a notable increase of Rs 33 or 0.04 per cent. Presently, silver is trading at Rs 73,488 per kilogram.
Previous Closing Prices
It’s important to note that as of the market close on September 5, the prices of precious metals were as follows:
- Gold: Rs 59,243 per 10 grams
- Silver: Rs 73,445 per kilogram
Gold and Silver Prices in Major Indian Cities
Check out the current rates for gold (per 10 grams, 22 carats) and silver (per kilogram) in major Indian cities:
| City | Gold | Silver |
|---|---|---|
| New Delhi | ₹ 55,300 | ₹ 75,200 |
| Mumbai | ₹ 55,150 | ₹ 75,200 |
| Kolkata | ₹ 55,150 | ₹ 75,200 |
| CHENNAI | ₹ 55,540 | ₹ 79,000 |
Factors Influencing Precious Metal Prices in India
The prices of gold and silver in India are influenced by various factors, including:
- Rupee-Dollar Exchange Rate: The value of the rupee in comparison to the dollar plays a significant role in determining metal prices.
- Global Demand: International demand trends also impact the rates of precious metals.
Gold and Silver Rates on the International Market
On the international front, gold prices have extended losses to reach their lowest level in a week due to the following factors:
- US Treasury Yields and Stronger Dollar: Expectations of high interest rates have strengthened the US dollar and pushed up 10-year bond yields.
- Spot Gold: Spot gold is subdued at $1,925.70 per ounce, following its most substantial one-day loss since August 1. US gold futures have dipped 0.1 per cent to $1,951.
- Impact on Other Currencies: A stronger dollar makes gold more expensive for holders of other currencies.
- SPDR Gold Trust: The world’s largest gold-backed exchange-traded fund reported a 0.1 per cent decrease in holdings on Tuesday.
In the realm of precious metals, spot silver remains steady at $23.53 per ounce.
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