Gold Price Today June 16, 2023Both gold and silver are trading on the lower side of the Multi Commodity Exchange (MCX) on Friday. Check the latest city-wise prices here.
By India Today Business DeskFor the second day in a row, both gold and silver prices are retailing on the lower side of the Multi Commodity Exchange (MCX) on Friday, June 16, 2023.
Gold futures, maturing on August 4, 2023, stood at Rs 59,390 per 10 grams, after recording a marginal dip of Rs 97 or 0.16 percent. The previous close was recorded at Rs 59,355.
Similarly, silver futures, due on July 5, 2023, witnessed a downfall of Rs 35 or 0.05 percent and were retailing at Rs 72,366 per kg on the MCX against the previous close of Rs 72,126.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 55,250 | Rs 73,100 |
| MUMBAI | Rs 55,100 | Rs 73,100 |
| KOLKATA | Rs 55,100 | Rs 73,100 |
| CHENNAI | Rs 55,420 | Rs 78,500 |
The price of gold varies for different regions in the country based on certain parameters such as the excise duty, making charges and the state taxes.
GOLD PRICE ON INTERNATIONAL MARKET
Gold prices moved in a tight range on Friday as traders weighed recent U.S. economic data and hawkish signals from the Federal Reserve, while a relatively softer dollar provided some support to bullion.
According to the latest metal report, spot gold was flat at $1,957.84 per ounce by 0238 GMT. U.S. gold futures too were listless at $1,970.30.
“Gold is struggling to move higher because the Fed’s message on inflation and interest rates still remains hawkish. So, it’s sort of removing the incentive to buy gold because there are more interest rate increases on the horizon,” said Edward Meir, a metals analyst at Marex.
While gold is considered a safe haven during economic uncertainties, higher interest rates dull the appeal for zero-yield bullion.
Spot silver advanced 0.2 per cent to $23.9098 per ounce, among other precious metals.
Kole Prosacco
Kayleigh Rogahn
Jakob Auer