August 1, 2023: MCX Records Dip in Gold and Silver Prices, Precious Metals Experience Decline
Precious Metals Experience Decline on MCX, August 1, 2023
chandni
On Tuesday, August 1, 2023, both gold and silver prices witnessed a decline on the Multi Commodity Exchange (MCX).
Gold futures with a maturity date of October 5, 2023, saw a slight drop of Rs 253 or 0.43 percent, settling at Rs 59,824 per 10 grams. The previous close was recorded at Rs 60,082.
Similarly, silver futures due on September 5, 2023, experienced a decline of Rs 425 or 0.56 percent, and their price stood at Rs 75,002 per kg on the MCX compared to the previous close of Rs 75,427.
It's important to note that gold prices may vary across different regions in the country due to factors such as excise duty, making charges, and state taxes.
Internationally, gold prices also edged lower as the U.S. dollar strengthened, with investors closely monitoring key economic data for signals on the future trajectory of interest rates to tackle persistent inflation concerns. According to the latest metal report, spot gold declined by 0.1% to $1,961.49 per ounce, while U.S. gold futures dropped 0.5% to $1,961.10 per ounce. Among other precious metals, spot silver slipped 0.5% to $24.64 per ounce, platinum fell 0.3% to $946.47, and palladium dipped 0.6% to $1,274.54.
