Glittering Gains: Gold and Silver Prices Soar on MCX – October 11, 2023

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On Wednesday, October 11, both gold and silver prices saw an increase on the Multi Commodity Exchange (MCX).

Gold futures, set to mature on December 5, 2023, reached Rs 57,695 per 10 grams on the MCX, marking a minor gain of Rs 41, which is equivalent to 0.07 percent.

Glittering Gains: Gold and Silver Prices Soar on MCX - October 11, 2023

Similarly, silver futures with the same maturity date, December 5, 2023, observed a rise of Rs 104 or 0.15 percent, reaching a trading price of Rs 69,146 per kilogram on the MCX.

The closing market rates for gold and silver on October 10 were Rs 57,629 per 10 grams and Rs 68,918 per kilogram, respectively.

Gold and Silver Prices in Major Cities

The prices of gold and silver in India are influenced by various factors, including the exchange rate between the rupee and the US dollar. Additionally, global demand plays a significant role in determining the trends in the prices of these precious metals.

Gold and Silver Prices on the International Market

On Wednesday, gold prices remained near a more than one-week high as the US dollar weakened. This came after several US Federal Reserve officials suggested that the recent surge in Treasury yields might reduce the need for further interest rate hikes, as reported by Reuters.

According to the latest metal report, spot gold was trading at $1,860.29 per ounce as of 0329 GMT, reaching its highest level since September 29 on Tuesday. US gold futures remained steady at $1,873.90. Gold prices rebounded from recent seven-month lows, driven by tensions in the Middle East, which fueled demand for bullion. However, the next direction of gold prices hinges on this week’s US inflation data, which will play a pivotal role in determining the Federal Reserve’s upcoming interest rate decisions.

In the realm of other precious metals, spot silver experienced a 0.1 percent increase, reaching $21.83 per ounce.

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