Gold, silver price today, September 7, 2023: Precious metals record dip on MCX | Check latest rates here
Gold Price Today September 7, 2023: 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.
After witnessing mixed trends in the Indian market for two consecutive days, both gold and silver prices recorded a downfall on the Multi Commodity Exchange (MCX) on Thursday, September 7, 2023.
Gold futures, maturing on October 5, 2023, stood at Rs 59,056 per 10 grams, after recording a marginal dip of Rs 61 or 0.10 percent. The previous close was recorded at Rs 59,088.
Similarly, silver futures, due on December 5, 2023, witnessed a downfall of Rs 207 or 0.29 percent and were retailing at Rs 72,359 per kg on the MCX against the previous close of Rs 72,472.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,050 | Rs 74,700 |
| MUMBAI | Rs 54,900 | Rs 74,700 |
| KOLKATA | Rs 54,900 | Rs 74,700 |
| CHENNAI | Rs 55,300 | Rs 77,500 |
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 lingered near a one-week low on Thursday following five consecutive sessions of declines, while the dollar sat atop mid-March highs after data showed the U.S. services sector unexpectedly gained steam in August, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.1 per cent to $1,917.99 per ounce by 0120 GMT, its lowest level since Aug. 29. US gold futures fell 0.1 per cent to $1,942.20.
Higher US interest rates raise the opportunity cost of holding gold, which does not earn any interest.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.36 per cent on Wednesday.
Among other precious metals, spot silver eased 0.3 per cent to $23.15 per ounce.