Gold and silver prices saw notable increases on the Multi Commodity Exchange (MCX) on Monday.
Gold futures for delivery on October 4, 2024, climbed to Rs 70,412 per 10 grams, reflecting a rise of Rs 623, or 0.89 per cent, from the previous close of Rs 69,789. Similarly, silver futures, set to mature on September 5, 2024, saw a slight increase of Rs 851, or 1.03 per cent, reaching Rs 83,344 per kg, up from Rs 82,493.
The fluctuations in gold and silver prices in Bharat are influenced by various factors, including the rupee’s exchange rate with the dollar and global market demand.
Despite some profit-taking, gold maintained its value on Monday due to persistent US recession concerns and growing expectations of a rate cut by the Federal Reserve in September. As reported by Reuters, spot gold was steady at $2,443.44 per ounce at 0335 GMT, while US gold futures rose 0.7 per cent to $2,485.80.
In the broader precious metals market, spot silver held steady at $28.52 per ounce.
