Gold, silver price today, December 22, 2023: Precious metals record hike on MCX | Check latest rates here

For the second day in a row, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Friday, December 22, 2023.

Gold futures, maturing on February 5, 2024, stood at Rs 62,800 per 10 grams on the MCX, after recording a marginal hike of Rs 256 or 0.41 per cent.

Similarly, silver futures, maturing on March 5, 2023, also witnessed a jump of Rs 254 or 0.34 percent and were trading at Rs 75,809 per kg on the MCX.

The prices of gold and silver stood at Rs 62,503 per 10 grams and Rs 75,426 per kg respectively when the market closed yesterday, December 21.

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 PRICE IN INTERNATIONAL MARKET

Gold prices gained on Thursday as the dollar retreated after US economic data fueled expectations the Federal Reserve would cut interest rates in March next year, news agency Reuters reported.

According to the latest metal report, spot gold was up 0.7 per cent at $2,043.79 per ounce, eyeing its best session in six US gold futures settled 0.2 per cent higher at $2,051.30.

"Gold will continue to maintain price levels above $2,000 and these expectations we have of lowering inflationary pressures will continue to foster the sideways to higher movement in gold," said David Meger, director of metals trading at High Ridge Futures.

Among other precious metals, silver gained 0.9 per cent to $24.33 per ounce, hitting a 16-day high.