Gold, silver price today, June 20, 2023: Yellow metal records hike, silver trades lower on MCX | Check rates here

For the second day in a row, precious metals showed mixed trends in the Indian markets. Gold is trading on the higher side of the Multi Commodity Exchange (MCX) while silver prices have recorded a dip on Tuesday, June 20.

Gold futures, maturing on August 5, 2023, stood at Rs 59,222 per 10 grams, after recording a marginal hike of Rs 43 or 0.07 per cent. The previous close was recorded at Rs 59,157.

Meanwhile, silver futures, due on July 5, 2023, witnessed a downfall of Rs 76 or 0.10 per cent and were retailing at Rs 72,379 per kg on the MCX against the previous close of Rs 72,446.

GOLD AND SILVER PRICES IN MAJOR CITIES

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 held steady on Tuesday, after moving in a tight range in holiday-thinned trading, as market participants awaited further direction from Capitol Hill testimony by U.S. Federal Reserve Chair Jerome Powell this week.

According to the latest metal report, spot gold held its ground at $1,949.59 per ounce by 0248 GMT, while U.S. gold futures fell 0.5 per cent to $1,961.20.

"Gold prices seem exhausted lately, as intermittent bounces over the past month have failed to find much follow-through.. This comes on the back of firmer Treasury yields, which have kept a lid on the non-yielding yellow metal’s upside," IG market analyst Yeap Jun Rong said, reported Reuters.

Although gold is considered a hedge against inflation, interest rate hikes raise the opportunity cost of holding non-yielding bullion.

Among other precious metals, spot silver eased 0.1 per cent to $23.911 per ounce.