Gold, silver price today, November 16, 2023: Yellow metal records hike, silver trades lower on MCX
Gold Price Today 16 November 2023: Gold is trading on the higher side while silver rates have recorded a dip on the Multi Commodity Exchange (MCX) on Thursday. Check the latest city-wise prices here.
Precious metals showed mixed trends in the Indian markets today. Gold is trading on the higher side of the Multi Commodity Exchange (MCX) while silver prices have recorded a dip on Thursday, November 16.
Gold futures, maturing on December 5, 2023, stood at Rs 60,187 per 10 grams, after recording a marginal hike of Rs 71 or 0.12 per cent. The previous close was recorded at Rs 60,111.
Meanwhile, silver futures, due on December 5, 2023, witnessed a downfall of Rs 32 or 0.04 per cent and were retailing at Rs 72,396 per kg on the MCX against the previous close of Rs 72,372.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 56,100 | Rs 75,000 |
| MUMBAI | Rs 55,950 | Rs 75,000 |
| KOLKATA | Rs 55,950 | Rs 75,000 |
| CHENNAI | Rs 56,350 | Rs 78,000 |
The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.
GOLD, SILVER PRICES IN INTERNATIONAL MARKET
Gold prices inched higher on Thursday, buoyed by expectations that the Federal Reserve has come to the end of its tightening cycle, although a rebound in the US dollar kept gains in check, news agency Reuters reported.
According to the latest metal report, spot gold gained 0.1 per cent to $1,961.81 per ounce, as of 0315 GMT. US gold futures were flat at $1,964.60.
"Gold’s volatility has receded following the excitement after the US inflation report, and it looks quite comfortable around $1,960 despite the US dollar’s attempt to recoup some of its losses," City Index senior analyst Matt Simpson said.
Among other precious metals, spot silver fell 0.4 per cent to $23.36 per ounce.