अब आप न्यूज्ड हिंदी में पढ़ सकते हैं। यहाँ क्लिक करें
Home » India » Gold and Silver Price Update for May 31, 2024: Precious Metals See Dip on MCX

Gold and Silver Price Update for May 31, 2024: Precious Metals See Dip on MCX

In the last week, 24-carat gold's price changed by -0.75%, while in the past month, it changed by -0.61%.

By Newsd
Published on :
Gold And Silver Prices Today On June 6

Gold and Silver Price Update for May 31: The cost of 24-carat gold is Rs.7384.6 per gram down by Rs.812.0. The cost of 22-carat gold is Rs.6764.2 per gram down by Rs.744.0.

In the last week, 24-carat gold’s price changed by -0.75%, while in the past month, it changed by -0.61%.

As a result, silver has dropped by Rs.1540.0 per kg to Rs.92860.0.

The price of gold futures, maturing on August 5, 2024, stood at Rs 72,115 per 10 grams on the MCX, following a slight dip of Rs 61 or 0.08 percent.

Gold and Silver Price Update for May 31

CITY GOLD (per 1 grams, 22 carats) SILVER (per kg)
NEW DELHI Rs 6,684 Rs 96,400
MUMBAI Rs 6,669 Rs 96,400
KOLKATA Rs 6,669 Rs 96,400
CHENNAI Rs 6,729 Rs 1,00,900

Silver futures maturing on July 5, 2024, also declined by Rs 1,003 or 1.07 percent, retailing at Rs 93,140 per kg on the MCX against the previous close of Rs 94,123.

Several factors influence the price of gold and silver in India, including the value of the rupee against the dollar and the global demand for precious metals.

The bullion price is expected to remain volatile ahead of the US personal consumption expenditure reading and the European inflation figure.

As for COMEX gold, it was down 0.1 percent at $2,364.2 per ounce in the international market

India’s gold rate is influenced by five factors

Global market trends

The gold rate in India is influenced by a dynamic between gold supply and demand.

Local market demand and supply

In India, gold is more than just a precious metal.

As a result of disruptions in supply, changes in import duties, and high demand during festivals and weddings, gold prices can fluctuate.

Understanding local supply and demand is crucial to determining gold rates in different cities.

Government policies and regulations

Import restrictions and taxes can affect India’s gold rate.

Exchange rate

Indian gold prices are influenced by the exchange rate between Indian Rupees (INR) and US Dollars (USD).

It is possible for gold prices in India to be affected by the strength or weakness of the rupee.

Also Read: Gold and Silver Price Update for May 30, 2024: Precious Metals See Dip on MCX

Related