Gold, silver price today, June 8, 2023: Yellow metal records dip, silver trades higher on MCX

After retailing on the lower side yesterday, 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 Thursday, June 8.

Gold futures, maturing on August 4, 2023, saw a marginal dip of Rs 7 or 0.01 per cent on the MCX and were trading at Rs 59,528 per 10 grams.

Meanwhile, silver futures maturing on July 5, 2023, recorded a jump of Rs 117 or 0.16 per cent, and were trading at Rs 71,890 per kg.

Notably, the prices of gold and silver stood at Rs 59,503 per 10 grams and Rs 71,725 per kg respectively when the market closed on June 7.

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 prices edged higher on Thursday, supported by a softer dollar, although bullion hovered near the previous session's lows as investors awaited cues from the U.S. Federal Reserve after the Bank of Canada hiked its rates to a 22-year high, news agency Reuters reported.

According to the latest metal report, spot gold rose 0.4 per cent to $1,946.47 per ounce by 0307 GMT, after shedding 1 per cent in the previous session. Meanwhile, U.S. gold futures edged 0.1 per cent higher to $1,961.00.

Gold has support from expectations of Fed holding rates next week with prices stuck in the $1,930 to $1,985 range, and bullion could breach the upper range once the U.S. central bank decision is out, said Ajay Kedia, director at Kedia Commodities in Mumbai, reported Reuters.

Spot silver rose 0.3 per cent to $23.53 per ounce, among other precious metals.