Gold, silver price today, February 8, 2024: Precious metals witness dip on MCX
Gold Price Today 8 February 2024: Both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Thursday. Check the latest city-wise prices here.
Both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Thursday, February 8, 2024.
Gold futures, maturing on April 5, 2024, stood at Rs 62,390 per 10 grams on the MCX, after recording a marginal dip of Rs 134 or 0.21 per cent. The previous close was recorded at Rs 62,524.
Meanwhile, silver futures, maturing on March 5, 2024, witnessed a dip of Rs 221 or 0.31 per cent and were retailing at Rs 70,090 per kg on the MCX, against the previous close of Rs 70,311.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 58,150 | Rs 74,500 |
| MUMBAI | Rs 58,000 | Rs 74,500 |
| KOLKATA | Rs 58,000 | Rs 74,500 |
| CHENNAI | Rs 58,400 | Rs 76,000 |
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 prices steadied on Thursday as a pushback from U.S. Federal Reserve officials on market hopes for early interest rate cuts offset safe-haven demand after Israel rejected a ceasefire offer from Hamas amid continuous talks to end the Gaza conflict, news agency Reuters reported.
According to the latest metal report, spot gold stood at 0.6 per cent to $2,033.56 per ounce, while US gold futures fell 0.1 per cent lower at $2049.0.
Among other precious metals, spot silver rose 0.2 per cent to $22.24 per ounce.