Gold, silver, and other precious commodity inventories were observed to be robust on the MCX on April 16, 2024. April gold futures deliverable on June 5th, 2024, which are trading now, went up by Rs 536 or 0.74 percent to Rs 72,813 on the Multi Commodity Exchange.
The MAIN caused the largest percentage jump from the previous close at Rs 72,277. Subsequently, analogizing the in-like manner of silver of May 3, 2024 futures maturing, they went up by Rs 206 or 0.25 per cent, and they touched Rs 84,057 per kilogram as compared to the previous closing price of Rs 83,851 on MCX.
In big cities like India, the price of 10 grams of gold per 22 carats was recorded at Rs 68,100 in Delhi, Mumbai and Kolkata, and several other cities recorded similar range like Chennai which was close to Rs 68,700. The cost of silver by kilogram was constant as Rs 87,000 in Mumbai, Kolkata, and Bangalore, while the price in Chennai was the highest at Rs 90,500.
Traditionally, demand for precious metals like gold in the international market slightly increases when there is unrest between geographical and political frames, such as between Iran and Israel. Due to this increase in geopolitical tension, the increase is not only limited to inflation.
An ounce of spot gold rose by 0.2 fractions to $2,387.11, while U.S gold futures reached $2,403.90, representing a percentage of 0.9 increase. Spot silver was tagged at a 0.3 per cent low but remained high at $28.80 per ounce.
The price of gold and silver fluctuates in the current market due to several important factors, such as gold’s and the dollar’s value in terms of the rupee and international demand for precious metals.
