Gold, silver price today, March 1, 2024: Precious metals record hike on MCX

For the second day in a row, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Friday, March 1, 2024.

Gold futures, maturing on April 5, 2024, stood at Rs 62,578 per 10 grams on the MCX, after recording a marginal hike of Rs 6 or 0.01 per cent. The previous close was recorded at Rs 62,567.

Meanwhile, silver futures, maturing on May 3, 2024, witnessed a hike of Rs 191 or 0.27 per cent and were retailing at Rs 71,519 per kg on the MCX against the previous close of Rs 71,279.

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. Global demand also plays a key role in determining the trends observed in the rate of precious metals.

GOLD, SILVER PRICES ON INTERNATIONAL MARKET

Gold scaled a one-month high on Thursday as the dollar slipped after US inflation data came in line with expectations, with traders' attention turning to further commentary from Federal Reserve officials for cues on interest rate cuts, news agency Reuters reported.

According to the latest metal report, spot gold was up 0.6 per cent at $2,046.29 per ounce. US gold futures gained 0.6 per cent to settle at $2,054.7.

"Gold bulls just needed an excuse to buy, and they found it," with the data only on consensus after recent strong inflation readings, said Tai Wong, a New York-based independent metals analyst, adding gold could face technical resistance around $2,065.

Among other precious metals, silver rose 1.1 per cent to $22.68 per ounce.