On Wednesday, May 8, 2024, both gold and silver prices surged on the Multi Commodity Exchange (MCX).
Gold futures, set to mature on June 5, 2024, soared to Rs 71,250 per 10 grams on the MCX, marking an increase of Rs 102 or 0.14 percent from the previous close of Rs 71,148.
Simultaneously, silver futures maturing on July 5, 2024, experienced a rise of Rs 172 or 0.21 percent, commanding a price of Rs 83,050 per kg on the MCX compared to the earlier close of Rs 82,878.
Gold and Silver rates as per cities-
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 66,400 | Rs 85,000 |
| MUMBAI | Rs 66,250 | Rs 85,000 |
| KOLKATA | Rs 66,250 | Rs 85,000 |
| CHENNAI | Rs 66,300 | Rs 88,500 |
The fluctuation in gold and silver prices in India is influenced by various factors, with the value of the rupee against the dollar being a significant determinant. Additionally, global demand exerts a substantial impact on shaping the trajectory of precious metal rates.