New Highs: Gold and Silver Prices Soar Today on MCX (June 18, 2024)

Key Takeaways:

• Gold and silver prices surged on the MCX on June 18, 2024.
• Gold futures for August 5, 2024, increased by Rs 230 to Rs 71,680 per 10 grams.
• Silver futures for July 5, 2024, rose by Rs 409 to Rs 89,229 per kg.
• Prices of gold and silver in major cities like New Delhi, Mumbai, Kolkata, and Chennai varied.
• Factors like the value of the rupee against the dollar and global demand impact precious metal prices in India.

GOLD, SILVER PRICES IN MAJOR CITIES

The prices of gold and silver on the Multi Commodity Exchange (MCX) experienced a notable increase on June 18, 2024. Gold futures maturing on August 5, 2024, jumped to Rs 71,680 per 10 grams, marking a rise of Rs 230 from the previous close. Silver futures for July 5, 2024, also witnessed a significant hike to reach Rs 89,229 per kg, reflecting a Rs 409 increase.

The rates of gold and silver in major cities such as New Delhi, Mumbai, Kolkata, and Chennai varied. In Chennai, for instance, the price of gold per 10 grams of 22 carats was Rs 6,695, while silver was priced at Rs 96,000 per kg. These numbers fluctuate depending on factors like the exchange rate of the rupee against the dollar and global demand for precious metals in the market.

FAQs

1. What factors influence the prices of gold and silver in India?

The prices of gold and silver in India are influenced by factors such as the exchange rate of the rupee against the dollar and global demand for precious metals. Political and economic events can also impact the rates of these commodities.

2. Why do gold and silver prices vary in different cities?

The prices of gold and silver may vary in different cities due to factors like transportation costs, local taxes, and regional demand. Each city may have its own economic conditions and market dynamics that contribute to price differences.

3. How often do gold and silver prices change on the MCX?

Gold and silver prices on the Multi Commodity Exchange (MCX) can change multiple times throughout the day based on market fluctuations, demand-supply dynamics, and global economic trends. It is recommended to stay updated with real-time market information for accurate pricing.