Gold prices remained steady at Rs 1.54 lakh per 10 grams on the Multi Commodity Exchange (MCX) on Wednesday, while silver continued to exhibit volatility. The yellow metal has been trading in a narrow range amid mixed global cues and a stronger dollar index.
MCX Gold and Silver Performance
On MCX, Gold June futures were trading at Rs 1,54,000 per 10 grams, unchanged from the previous close. Meanwhile, Silver July futures hovered around Rs 92,500 per kilogram, showing slight fluctuations. Analysts attribute the stability in gold to safe-haven demand, while silver remains sensitive to industrial demand and risk appetite.
City-Wise Gold Rates
Here are the gold rates (22-carat per 10 grams) in major Indian cities:
- New Delhi: Rs 1,54,500
- Mumbai: Rs 1,54,000
- Chennai: Rs 1,55,200
- Kolkata: Rs 1,54,300
- Bengaluru: Rs 1,54,100
- Hyderabad: Rs 1,54,800
Silver Rates Across Cities
Silver prices (per kilogram) in key cities:
- New Delhi: Rs 92,800
- Mumbai: Rs 92,500
- Chennai: Rs 93,200
- Kolkata: Rs 92,600
Factors Influencing Prices
Global gold prices remained steady near $2,350 per ounce as investors awaited US inflation data and Federal Reserve policy cues. A stronger dollar and rising bond yields capped gains. Silver, often seen as a more volatile metal, fluctuated due to mixed industrial demand from China and solar energy sectors.
Domestically, gold demand remained subdued due to high prices, with jewellers reporting lower footfall. However, wedding season purchases provided some support. Silver demand from industries like electronics and photovoltaics kept prices range-bound.
Analysts suggest that gold may continue to trade in a tight range until clarity emerges on US interest rates. For silver, volatility is expected to persist given its dual role as a precious and industrial metal.
