According to India Today Business Desk: On Thursday, July 6, 2023, the Multi Commodity Exchange (MCX) saw a decline in the price of gold and silver.
Gold futures with a maturity date of August 4, 2023, were trading at Rs 58,638 per 10 grams, down just Rs 18 or 0.03 percent. The previous close was 58,473 rupees.
In a similar vein, silver futures with a delivery date of September 5, 2023, fell by Rs 41 (0.06 percent) and were trading at Rs 71,472 per kg on the MCX, against Rs 71,357 at the previous close.
GOLD AND SILVER PRICES IN MAJOR CITIES
|CITY||GOLD(Per 10 grams,22 carats)||SILVER(per kg)|
Based on specific factors like the excise duty, making costs, and state taxes, the price of gold differs for different areas of the nation.
GOLD, SILVER PRICE IN INTERNATIONAL MARKET
After minutes of the Federal Reserve’s June meeting reiterated predictions that interest rates could remain higher for longer, gold prices were unchanged on Thursday as investors awaited a slew of economic data that could affect the Federal Reserve’s policy trajectory, according to news agency Reuters.
The most recent metal report shows that spot gold was unchanged at $1,918.59 per ounce by 0241 GMT, while U.S. gold futures decreased by 0.1% to $1,925.00.
Rising U.S. interest rates have a significant impact on the price of gold because they raise the opportunity cost of owning non-yielding metal.
Among other precious metals, spot silver increased 0.1 percent to $23.1292 per ounce.