Gold, silver price today, February 7, 2024: Precious metals witness dip on MCX

After trading higher in the Indian market yesterday, both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, February 7, 2024.

Gold futures, maturing on April 5, 2024, stood at Rs 62,522 per 10 grams on the MCX, after recording a marginal dip of Rs 84 or 0.13 per cent. The previous close was recorded at Rs 62,574.

Meanwhile, silver futures, maturing on March 5, 2024, witnessed a dip of Rs 194 or 0.27 per cent and were retailing at Rs 70,448 per kg on the MCX, against the previous close of Rs 70,594.

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 IN INTERNATIONAL MARKET

Gold firmed on Tuesday after a pullback in the US dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year, news agency Reuters reported.

According to the latest metal report, spot gold rose 0.6 per cent to $2,035.89 per ounce, after hitting its lowest since Jan 25 in the previous session.

US gold futures settled 0.4 per cent higher at $2051.4.

"Gold bulls have been slammed by stronger-than-expected US economic data, and have been forced to revisit lower levels as markets continue to lower their bets for a Fed rate cut in March," said Han Tan, chief market analyst at Exinity Group.

Among other precious metals, spot silver rose 0.4 per cent to $22.45 per ounce.