Gold, silver price today, December 7, 2023: Precious metals witness dip on MCX
Gold Price Today 7 December 2023: Both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Thursday. Check the latest city-wise prices here.
Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Thursday, December 7, 2023.
Gold futures, maturing on February 5, 2023, stood at Rs 62,425 per 10 grams on the MCX, after recording a marginal dip of Rs 80 or 0.13 percent. The previous close was recorded at Rs 62,440.
Similarly, silver futures, maturing on March 5, 2023, witnessed a downfall of Rs 289 or 0.39 per cent and were retailing at Rs 74,773 per kg on the MCX against the previous close of Rs 74,831.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 57,700 | Rs 77,200 |
| MUMBAI | Rs 57,550 | Rs 77,200 |
| KOLKATA | Rs 57,550 | Rs 77,200 |
| CHENNAI | Rs 58,200 | Rs 80,000 |
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 PRICE IN INTERNATIONAL MARKET
Gold firmed on Wednesday as Treasury yields eased, stabilizing after a rapid retreat from a record high hit earlier this week, while investors braced for the US jobs report for further clues on how soon interest rate cuts may materialize, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.4 per cent to $2,027.48 per ounce. US gold futures settled 0.6 per cent higher at $2,047.90.
"Gold and silver traders are sitting on a tinderbox, and this payroll Friday could spark the flames ... While we expect macro headwinds to weigh on precious metals short positions in the medium term, the current set-up is ripe for a squeeze," analysts at TD Securities said in a note.
Among other precious metals, silver fell 0.9 per cent to $23.92 per ounce.