Gold, silver price today, August 2, 2023: Precious metals record hike on MCX | Check latest rates here
Gold Price Today 2 August 2023: Both gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX) on Wednesday. Check the latest city-wise prices here.
After retailing on the lower side in the Indian market yesterday, both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday, August 2.
Gold futures, maturing on October 5, 2023, stood at Rs 59,580 per 10 grams on the MCX, after recording a marginal hike of Rs 182 or 0.31 per cent.
Similarly, silver futures, maturing on September 5, 2023, also witnessed a jump of Rs 296 or 0.40 per cent and were trading at Rs 74,299 per kg on the MCX.
The prices of gold and silver stood at Rs 59,388 per 10 grams and Rs 73,943 per kg respectively when the market closed on August 1.
GOLD, SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,250 | Rs 77,300 |
| MUMBAI | Rs 55,100 | Rs 77,300 |
| KOLKATA | Rs 55,100 | Rs 77,300 |
| CHENNAI | Rs 55,500 | Rs 80,300 |
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 PRICES IN INTERNATIONAL MARKET
Gold climbed on Wednesday as the U.S. dollar, Treasury yields and Asian stocks stumbled after Fitch downgraded the United States’ coveted triple-A credit rating, souring confidence in the economy and shoring up interest in safe-haven bullion, news agency Reuters reported.
According to the latest metal report, spot gold was up 0.2 per cent at $1,946.97 per ounce by 0312 GMT, while U.S. gold futures rose 0.3 per cent to $1,984.
Gold, which is priced in dollars, is a favoured safe-haven investment in times of stress and economic uncertainty. Gold dropped 1 per cent and hit a three-week low on Tuesday as the dollar firmed after a relatively solid data on U.S. manufacturing and construction in June offset a decline in job openings last month.
Higher interest rates raise the cost of holding gold, which yields nothing and needs money to store and insure.
In other metals, spot silver eased 0.2 per cent to $24.29.