Gold, silver price today, November 1, 2023: Precious metals witness dip on MCX

For the second day in a row, both gold and silver prices recorded a dip on the Multi Commodity Exchange (MCX) on Wednesday, November 1, 2023.

Gold futures, maturing on December 5, 2023, stood at Rs 60,820 per 10 grams on the MCX, after recording a marginal dip of Rs 171 or 0.28 percent. The previous close was recorded at Rs 60,940.

Similarly, silver futures, maturing on December 5, 2023, witnessed a downfall of Rs 472 or 0.66 per cent and were retailing at Rs 71,325 per kg on the MCX against the previous close of Rs 71,669.

GOLD AND SILVER PRICES IN MAJOR CITIES

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 PRICE IN INTERNATIONAL MARKET

Gold prices started November lower on Wednesday as cautious investors awaited US Federal Reserve’s policy decision, after Middle-East worries led to a strong safe-haven rally last month and pushed prices above $2,000, news agency Reuters reported.

According to the latest metal report, spot gold fell 0.2 per cent to $1,979.71 per ounce by 0125 GMT and US gold futures dropped 0.3 per cent to $1,988.70.

Spot gold posted a 7.3 per cent jump in October after prices accelerated over the $2,000 threshold last week from their lowest in seven months at $1,809.50 on October 6, a day before Hamas’ attack on Israel.

Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold Council (WGC) said on Tuesday.

Among other precious metals, spot silver dropped 0.8 per cent to $22.71 per ounce.