Gold, silver price today, July 25, 2023: Precious metals record hike on MCX | Check latest rates here
Gold Price Today 25 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 retailing on the lower side in the Indian market yesterday, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Tuesday, July 25.
Gold futures, maturing on August 4, 2023, stood at Rs 59,120 per 10 grams on the MCX, after recording a marginal hike of Rs 18 or 0.03 per cent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 202 or 0.27 per cent and were trading at Rs 74,379 per kg on the MCX.
The prices of gold and silver stood at Rs 59,076 per 10 grams and Rs 74,096 per kg respectively when the market closed on July 24.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,300 | Rs 77,500 |
| MUMBAI | Rs 55,150 | Rs 77,500 |
| KOLKATA | Rs 55,150 | Rs 77,500 |
| CHENNAI | Rs 55,450 | Rs 80,500 |
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 struggled for direction in early Asian trading on Tuesday as traders braced for a widely anticipated rate hike along with monetary policy clues from the U.S. Federal Reserve over the next two days, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.2 per cent to $1,958.20 per ounce by 0119 GMT, while U.S. gold futures fell 0.1 per cent to $1,959.90.
The dollar index was at a near-two-week peak, weighing on gold as a stronger dollar makes bullion more expensive for buyers holding other currencies. Notably, gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion.
Meanwhile, spot silver rose 0.2 per cent to $24.42 per ounce, among other precious metals.