Gold, silver price today, July 4, 2023: Precious metals record hike on MCX | Check latest rates here
Gold Price Today 4 July 2023: Both gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX) on Tuesday. Check the latest city-wise prices here.
After witnessing mixed trends in the Indian market yesterday, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Tuesday, July 4.
Gold futures, maturing on August 4, 2023, stood at Rs 58,281 per 10 grams on the MCX, after recording a marginal hike of Rs 4 or 0.97 percent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 55 or 0.08 percent and were trading at Rs 70,378 per kg on the MCX.
The prices of gold and silver stood at Rs 58,277 per 10 grams and Rs 70,289 per kg respectively when the market closed on July 3.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 54,200 | Rs 71,900 |
| MUMBAI | Rs 54,050 | Rs 71,900 |
| KOLKATA | Rs 54,050 | Rs 71,900 |
| CHENNAI | Rs 54,350 | Rs 75,500 |
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 were flat on Tuesday in thin trading due to a U.S. holiday, while traders awaited the U.S. Federal Reserve's minutes of the June meeting on Wednesday for more clues on its interest rate hike path ahead, news agency Reuters reported.
According to the latest metal report, spot gold was little changed at $1,921.39 per ounce by 0241 GMT, while U.S. gold futures were flat at $1,929.10.
While gold prices could recover to $1,940 before a potential drop lower, 'the rates background remains a significant drag,' said Nicholas Frappell, global head of institutional markets, ABC Refinery.
Among other precious metals, spot silver rose 0.1 per cent to $22.91 per ounce.