Gold, silver price today, January 5, 2024: Yellow metal records dip, silver trades higher on MCX

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 Friday, January 5.

Gold futures, maturing on February 5, 2024, saw a marginal dip of Rs 20 or 0.03 per cent on the MCX, and were trading at Rs 62,691 per 10 grams.

Meanwhile, silver futures maturing on March 5, 2024, recorded a jump of Rs 205 or 0.28 per cent, and were trading at Rs 72,683 per kg.

Notably, the prices of gold and silver stood at Rs 62,640 per 10 grams and Rs 72,336 per kg respectively when the market closed yesterday, January 4.

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 was headed for its first weekly drop in four on Friday, as reduced bets of an early interest rate cut in the US boosted the dollar and bond yields, while investors awaited a key employment report, news agency Reuters reported.

According to the latest metal report, spot gold was up 0.1 per cent at $2,045.57 per ounce, as of 0426 GMT. It has declined about 0.8 per cent so far in the week.

US gold futures rose 0.1 per cent to $2,052.40.

"Gold is down this week as yields and the dollar rebound. That's because markets have been scaling back Fed rate cut expectations since the start of the new year," said Ilya Spivak, head of global macro at Tastylive.

Among other precious metals, spot silver rose 0.5 per cent to $23.11 per ounce.