Gold, silver price today, July 21, 2023: Yellow metal records dip, silver trades higher on MCX

After retailing on the higher side for three consecutive days, precious metals have shown mixed trends in the Indian markets today. While gold is trading on the lower side of the Multi Commodity Exchange (MCX), silver rates have recorded a hike on Friday, July 21.

Gold futures, maturing on August 4, 2023, saw a marginal dip of Rs 11 or 0.02 per cent on the MCX and were trading at Rs 59,570 per 10 grams.

Meanwhile, silver futures maturing on September 5, 2023, recorded a jump of Rs 11 or 0.01 per cent, and were trading at Rs 75,539 per kg.

Notably, the prices of gold and silver stood at Rs 59,552 per 10 grams and Rs 75,449 per kg respectively when the market closed on July 20.

GOLD, SILVER PRICES IN MAJOR CITIES

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 ON INTERNATIONAL MARKET

Gold prices were set on Friday for a third consecutive weekly gain, underpinned by hopes that the U.S. Federal Reserve will pause interest rate hikes after its July meeting, news agency Reuters reported.

According to the latest metal report, spot gold was little changed at $1,970.20 per ounce by 0409 GMT, but has gained 0.8 per cent so far this week. On Thursday, the metal slipped from a two-month high as the dollar and bond yields climbed on stronger-than-expected U.S. labour market data.

U.S. gold futures gained 0.1 per cent to $1,972.30.

Gold prices have been supported by expectations that the Fed would increase rates for the last time next week in its current tightening cycle. Most economists polled by Reuters expect a 25-basis point hike at the July 25-26 Fed meeting.

Among other metals, spot silver rose 0.2 per cent to $24.82 per ounce.