Gold And Silver Prices Today On May 8: Gold and silver prices increased on Wednesday, May 8, 2024, according to the Multi Commodity Exchange (MCX).
A slight increase in gold prices was seen on Wednesday. The cost of 24 carat gold is Rs.7381.8 per gm up by Rs.135.0.
The cost of 22 carat gold is Rs.6761.7 per gm up by Rs.123.0. 24 carat gold has seen a price change of 1.72% in the last week, while it has seen a price change of 0.52% in the last month.
Silver, however, rose in price to Rs 82,900 per kilogram.
As of the time of publication, the gold June 2024 MCX futures were trading at Rs.71240.0 per 10gm, up by 0.129%.
At the time of publication, the July 2024 silver MCX futures were trading at Rs.83020.0 per kg, up 0.171%.
Gold And Silver Prices Today On May 8:
| 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 |
Gold and silver prices in India are affected by the rupee’s value against the dollar.
Gold and silver prices in India are affected by many factors, including the rupee’s value.
Global demand also affects precious metals rates.
Gold is a valuable investment in Indian culture, and plays an important role in weddings and festivals.
Investors and traders closely monitor market fluctuations. Stay tuned for more information.
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
Gold is more than just a precious metal in India.
Due to disruptions in supply, changes in import duties, and high demand during festivals and weddings, gold prices can fluctuate.
For determining gold rates in different cities, it is essential to understand the dynamics of local demand and supply.
Government policies and regulations
India’s gold rate can be affected by taxes, duties, and import restrictions.
Exchange rate
Indian gold prices are affected by the exchange rate between the Indian Rupee (INR) and the US Dollar (USD).
The rupee’s strength or weakness can affect gold prices in India.
A lot of significance is attached to gold in India due to its cultural significance, its value as an investment, and its association with weddings and festivals.
Also read: Gold And Silver Prices Today On May 6, 2024: Check Rates In Your City
