Gold, silver price today, August 9, 2023: Precious metals record hike on MCX | Check latest rates here
Gold Price Today 9 August 2023: Both gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX) on Wednesday. Check the latest city-wise prices here.
After retailing on the lower side in the Indian market for two consecutive days, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, August 9.
Gold futures, maturing on October 5, 2023, stood at Rs 59,347 per 10 grams on the MCX, after recording a marginal hike of Rs 82 or 0.14 per cent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 309 or 0.44 per cent and were trading at Rs 70,538 per kg on the MCX.
The prices of gold and silver stood at Rs 59,248 per 10 grams and Rs 70,216 per kg respectively when the market closed on August 8.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,100 | Rs 74,000 |
| MUMBAI | Rs 54,950 | Rs 74,000 |
| KOLKATA | Rs 54,950 | Rs 74,000 |
| CHENNAI | Rs 55,300 | Rs 76,700 |
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 IN INTERNATIONAL MARKET
Gold prices bounced back on Wednesday from one-month lows hit in the previous session, as the dollar and bond yields weakened a day ahead of the release of U.S. consumer price data that could build the case for or against further interest rates hikes, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.3 per cent to $1,929.99 per ounce by 0345 GMT, having dropped to its lowest since July 10 at $1,922 on Tuesday. U.S. gold futures were up 0.2 per cent at $1,963.80.
Gold, which is usually seen as a hedge against economic risks, was also supported by renewed worries about the health of the world’s largest economy after ratings agency Moody’s downgraded several U.S. lenders.
Among other metals, spot silver gained 0.6 per cent to $22.90 an ounce.
