Gold, silver price today, October 11, 2023: Precious metals record hike on MCX | Check latest rates
Gold Price Today 11 October 2023: Both gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX) on Wednesday. Check the latest city-wise prices here.
Both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, October 11.
Gold futures, maturing on December 5, 2023, stood at Rs 57,695 per 10 grams on the MCX, after recording a marginal hike of Rs 41 or 0.07 per cent.
Similarly, silver futures, maturing on December 5, 2023, also witnessed a jump of Rs 104 or 0.15 per cent and were trading at Rs 69,146 per kg on the MCX.
The prices of gold and silver stood at Rs 57,629 per 10 grams and Rs 68,918 per kg respectively when the market closed on October 10.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 53,800 | Rs 72,100 |
| MUMBAI | Rs 53,650 | Rs 72,100 |
| KOLKATA | Rs 53,650 | Rs 72,100 |
| CHENNAI | Rs 53,720 | Rs 75,000 |
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 PRICE ON INTERNATIONAL MARKET
Gold prices held near a more than one-week high on Wednesday, as the dollar edged lower after several US Federal Reserve officials suggested that the recent surge in Treasury yields might make further rate hikes less necessary, news agency Reuters reported.
According to the latest metal report, spot gold was trading at $1,860.29 per ounce as of 0329 GMT, after hitting its highest level since September 29 on Tuesday. US gold futures held their ground at $1,873.90.
Gold prices rebounded from recent seven-month lows as Mid-East tensions fuelled safe-haven demand for bullion, but its next move depends on this week’s US inflation data, pivotal to determining Fed’s upcoming rate trajectory.
Among other precious metals, spot silver rose 0.1 per cent to $21.83 per ounce.