On July 24, 2024, the Multi Commodity Exchange (MCX) reported a rise in both gold and silver prices. Gold futures, expiring on August 5, 2024, increased by Rs 355 or 0.52%, reaching Rs 68,865 per 10 grams. This is up from the previous close of Rs 68,510.
Silver Prices Also Climb
Silver futures, with a maturity date of September 5, 2024, saw a modest increase of Rs 287 or 0.34%, trading at Rs 85,206 per kg on the MCX. This marks a rise from the previous closing price of Rs 84,919.
Factors Influencing Prices
The fluctuations in gold and silver prices in India are influenced by multiple factors, including the rupee’s value against the dollar and global demand for precious metals. These elements play a crucial role in determining price trends.
International Market Trends
Globally, gold prices edged up on Wednesday as investors awaited U.S. economic data that might affect the Federal Reserve’s rate decisions. Spot gold rose by 0.3% to $2,416.62 per ounce, while U.S. gold futures increased by 0.4% to $2,417.10. Spot silver also gained 0.2% to $29.28 per ounce.
