Gold, silver price today, June 7, 2023: Precious metals witness dip on MCX | Check latest rates here
Gold Price Today June 7, 2023: Both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Wednesday. Check the latest city-wise prices here.
Both gold and silver prices are retailing on the lower side of the Multi Commodity Exchange (MCX) on Wednesday, June 7, 2023.
Gold futures, maturing on August 4, 2023, stood at Rs 59,977 per 10 grams, after recording a marginal dip of Rs 45 or 0.08 percent. The previous close was recorded at Rs 59,985.
Similarly, silver futures, due on July 5, 2023, witnessed a downfall of Rs 105 or 0.15 percent and were retailing at Rs 71,888 per kg on the MCX against the previous close of Rs 71,956.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,750 | Rs 73,500 |
| MUMBAI | Rs 55,600 | Rs 73,500 |
| KOLKATA | Rs 55,600 | Rs 73,500 |
| CHENNAI | Rs 56,000 | 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 PRICE ON INTERNATIONAL MARKET
Gold prices inched higher on Wednesday, trading in a tight range as support from a weaker dollar countered concerns surrounding the U.S. Federal Reserve's next interest rate decision.
According to the latest metal report, spot gold rose 0.1 per cent to $1,963.86 per ounce by 0220 GMT. U.S. gold futures were listless at $1,979.70. The dollar index weakened slightly, making gold less expensive for buyers holding other currencies.
The uptrend in gold is intact and the big question now is when will the Fed end its rate-hike campaign, said Ilya Spivak, head of global macro at Tastylive, adding that once there was more clarity on that, gold could see higher moves.
Among other precious metals, spot silver fell 0.1 per cent to $23.5651 per ounce.