Gold, silver price today, July 1, 2024: Precious metals witness dip on MCX
Gold, silver price today, July 1, 2024: Precious metals witness dip on MCX
Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Monday, July 1, 2024.
Gold futures, maturing on August 5, 2024, stood at Rs 71,612 per 10 grams on the MCX, after recording a marginal dip of Rs 123 or 0.17 per cent. The previous close was recorded at Rs 71,582.
Similarly, silver futures, maturing on September 5, 2024, witnessed a dip of Rs 368 or 0.41 per cent and were retailing at Rs 89,483 per kg on the MCX against the previous close of Rs 89,540.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 66,400 | Rs 90,200 |
| MUMBAI | Rs 66,250 | Rs 90,200 |
| KOLKATA | Rs 66,250 | Rs 90,200 |
| CHENNAI | Rs 66,850 | Rs 94,700 |
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 RATES IN INTERNATIONAL MARKET
Gold prices held steady on Monday after data showed US inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year.
According to the latest metal report, spot gold was nearly unchanged at $2,324.44 per ounce, as of 0427 GMT. Prices jumped more than 4% in the second quarter.
US gold futures eased 0.2% at $2,336.10.
Among other precious metals, spot silver dipped 0.2% to $29.06.
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