Both gold and silver prices have recorded a hike on the Multi Commodity Exchange (MCX) on Thursday, October 26.
Gold futures, maturing on December 5, 2023, stood at Rs 60,980 per 10 grams on the MCX, after recording a marginal hike of Rs 135 or 0.22 per cent.
Similarly, silver futures, maturing on December 5, 2023, also witnessed a jump of Rs 151 or 0.21 per cent and were trading at Rs 71,982 per kg on the MCX.
The prices of gold and silver stood at Rs 60,826 per 10 grams and Rs 71,787 per kg respectively when the market closed on October 25.
GOLD, SILVER PRICES IN MAJOR CITIES
The gold and silver prices in India depend on several factors, including the value of the rupee against the dollar.
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Global demand also plays a key role in determining the trends observed in the rate of precious metals.
GOLD, SILVER PRICES IN INTERNATIONAL MARKET
Gold prices climbed on Thursday as the Middle East conflict kept investors worried, with safe-haven bullion standing firm despite a stronger US dollar and bonds yields, news agency Reuters reported.
According to the latest metal report, spot gold rose 0.4 per cent to $1,986.79 per ounce by 0348 GMT. US gold futures edged up 0.1 per cent to $1,997.10.
The dollar and benchmark US 10-year Treasury yields climbed after data indicated that new-home sales surged to a 19-month high in September, affirming market expectations of prolonged high rates heading into 2024.
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Gold is often sought as a safe asset in times of economic and political turmoil, although higher interest rates dampen the appeal of bullion, which pays no interest.
Among other precious metals, spot silver gained 0.2 per cent to $22.93 an ounce.
