Gold, silver price today, September 6, 2023: Yellow metal records dip, silver trades higher on MCX

For the second day in a row, precious metals have shown mixed trends in the Indian markets today. While gold is trading on the lower side of the Multi Commodity Exchange (MCX), silver rates have recorded a hike on Wednesday, September 6.

Gold futures, maturing on October 5, 2023, saw a marginal dip of Rs 38 or 0.06 per cent on the MCX and were trading at Rs 59,205 per 10 grams.

Meanwhile, silver futures maturing on December 5, 2023, recorded a jump of Rs 33 or 0.04 per cent, and were trading at Rs 73,488 per kg.

Notably, the prices of gold and silver stood at Rs 59,243 per 10 grams and Rs 73,445 per kg respectively when the market closed on September 5.

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 RATES ON INTERNATIONAL MARKET

Gold prices extended losses to hit their lowest level in a week on Wednesday as US Treasury yields and the dollar strengthened on expectations that interest rates are likely to remain high, news agency Reuters reported.

According to the latest metal report, spot gold was subdued at $1,925.70 per ounce by 0313 GMT, after posting its biggest one-day loss since August 1 on Tuesday. US gold futures dipped 0.1 per cent to $1,951.

The US dollar hovered near six-month highs hit on Tuesday, while 10-year bond yields were at over one-week highs as markets weighed cues on interest rates.

A stronger dollar makes gold expensive for other currency holders.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1 per cent on Tuesday.

Among other precious metals, spot silver was steady at $23.53 per ounce.