On Wednesday, August 21, 2024, gold and silver prices experienced a notable increase on the Multi Commodity Exchange (MCX). Gold futures, set to mature on October 4, 2024, were priced at ₹71,960 per 10 grams, reflecting a rise of ₹183 or 0.25% from the previous close of ₹71,777. This upward trend indicates growing investor confidence in precious metals amid fluctuating market conditions.In addition, silver futures, which are due to mature on September 5, 2024, saw a slight increase of ₹141 or 0.17%, trading at ₹84,903 per kilogram compared to the previous close of ₹84,730. The rise in both gold and silver prices can be attributed to various factors, including global demand and the value of the Indian rupee against the US dollar.
Prices in Major Indian Cities
The prices of gold and silver vary across major cities in India. As of today, the rates are as follows:
| City | Gold (22 Carat per Gram) | Silver (per Kilogram) |
|---|---|---|
| New Delhi | ₹6,725 | ₹87,000 |
| Mumbai | ₹6,710 | ₹87,000 |
| Kolkata | ₹6,710 | ₹87,000 |
| Chennai | ₹6,710 | ₹92,000 |
International Market Trends
In the international market, gold prices remained below record highs on Wednesday, driven by Western fund inflows and optimism surrounding potential US interest rate cuts. Spot gold rose by 0.1% to $2,517.08 per ounce, while US gold futures gained 0.2% to $2,554.90. Additionally, spot silver increased by 0.3% to $29.53 per ounce.Overall, the fluctuations in gold and silver prices reflect a complex interplay of domestic and global economic factors, making them a focal point for investors and analysts alike.
