After witnessing a downfall on Friday, rates of both gold and silver slightly increased on the Multi Commodity Exchange (MCX) on Monday. Gold futures maturing on August 5 stand at Rs 47,647 per 10 grams, after witnessing a hike of Rs 96 or 0.20 per cent.
Meanwhile, after recording a jump of Rs 215 or 0.32 per cent, silver futures maturing on September 3 stand at Rs 67,156 per kg.
On Friday, July 23, both precious metals witnessed a dip. Gold stood at Rs 47,575 per 10 grams on the MCX while silver was trading at Rs 67,487 per kg after observing a small dip of Rs 3.
Gold and silver prices on the international market
According to Reuters, gold prices were slightly higher on Monday, which was supported by easing US bond yields and mounting concerns over Delta variant infections.
Meanwhile, the dollar index held close to a 3-and-a-half-month peak hit last week, weighing on the yellow metal’s appeal. Gold has become more expensive for other currency holders with a stronger dollar.
Spot gold rose by 0.3 per cent to $1,806.32 per ounce. U.S. gold futures climbed by 0.3 per cent to $1,806.30.
After slipping by 0.5 per cent last week, silver rose by 0.3 per cent to $25.24 per ounce.
Gold and silver prices in different cities:
| City | Gold (per 10 grams,22 carats) | Silver (per kg) |
| New Delhi | Rs 46,850 | Rs 67,000 |
| Kolkata | Rs 47,250 | Rs 67,000 |
| Mumbai | Rs 46,870 | Rs 67,000 |
| Chennai | Rs 45,200 | Rs 72,100 |
Gold and silver heavily depend on international prices and are calculated by keeping the latter as a basis in India. Other factors like the USD to INR conversion rate, the supply and demand of gold and silver in MCX trading also play a significant role in determining the prices of gold and silver.
