Today’s Price Surge: Gold and Silver Skyrocket on MCX, August 5, 2024

Key Takeaways

• Both gold and silver prices saw an increase on the Multi Commodity Exchange (MCX) on Monday, August 5, 2024.
• Gold futures for October 4, 2024, rose by 0.89% to Rs 70,412 per 10 grams on the MCX.
• Silver futures for September 5, 2024, increased by 1.03% to Rs 83,344 per kg on the MCX.
• Gold and silver prices vary in major cities like New Delhi, Mumbai, Kolkata, and Chennai.
• International gold prices remained steady amid U.S. recession concerns and expectations of a September rate cut from the Federal Reserve.

Gold, Silver Prices in Major Cities

The prices of gold and silver in India are influenced by various factors including the value of the rupee against the dollar and global demand for precious metals.

Gold, Silver Prices in International Market

According to the latest metal report, spot gold remained stable at $2,443.44 per ounce with U.S. gold futures rising to $2,485.80. Spot silver also stayed flat at $28.52 per ounce.

Published On: Aug 5, 2024

FAQs

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

Gold and silver prices in India are affected by the value of the rupee against the dollar and global demand for these precious metals.

2. Why did international gold prices remain steady despite U.S. recession concerns?

International gold prices held firm due to a combination of U.S. recession fears and expectations of an interest rate cut by the Federal Reserve in September.

3. How often do gold and silver prices change in major cities like Chennai?

Gold and silver prices in major cities like Chennai can fluctuate daily based on various economic and geopolitical factors influencing the precious metals market.