Gold, silver price today, August 10, 2023: Yellow metal records hike, silver trades lower on MCX
Gold Price Today 10 August 2023: Gold is trading on the higher side while silver rates have recorded a dip on the Multi Commodity Exchange (MCX) on Thursday. Check the latest city-wise prices here.
Precious metals showed mixed trends in the Indian markets today. Gold is trading on the higher side of the Multi Commodity Exchange (MCX) while silver prices have recorded a dip on Thursday, August 10.
Gold futures, maturing on October 5, 2023, stood at Rs 59,130 per 10 grams, after recording a marginal hike of Rs 15 or 0.03 per cent. The previous close was recorded at Rs 58,973.
Meanwhile, silver futures, due on September 5, 2023, witnessed a downfall of Rs 31 or 0.04 per cent and were retailing at Rs 69,996 per kg on the MCX against the previous close of Rs 69,972.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,100 | Rs 73,500 |
| MUMBAI | Rs 54,700 | Rs 73,500 |
| KOLKATA | Rs 54,700 | Rs 73,500 |
| CHENNAI | Rs 55,300 | Rs 76,700 |
The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.
GOLD, SILVER PRICES IN INTERNATIONAL MARKET
Gold prices hovered near one-month lows on Thursday, as investors braced for the make-or-break U.S. inflation data that would shape the Federal Reserve’s upcoming interest rate decisions, news agency Reuters reported.
According to the latest metal report, spot gold edged up 0.2 per cent at $1,918 per ounce by 0337 GMT, but hovered near its lowest level since July 10 hit on Wednesday. U.S. gold futures were flat at $1,950.80.
Gold is usually considered a hedge against inflation, but rate hikes raise the opportunity cost of holding non-yielding bullion.
Among other precious metals, spot silver was steady at $22.67 an ounce.