Gold and Silver Rates Fall in Indian Market with Multi Commodity Exchange (MCX) Trading Down
Gold and silver rates have fallen in the Indian market, according to the Indian Bullion Jewelers Association’s website. On June 5, 2023, the rate of gold opened at Rs 59,601 per ten grams, a fall of Rs 707 per ten grams from the previous trading day. Meanwhile, the rate of silver opened at Rs 71,423 per kg, a fall of Rs 935 per kg from the previous trading day. Gold is currently trading cheaper than its all-time high by Rs 1,984 per 10 grams, which was on May 11, 2023, when it reached Rs 61,585 per ten grams.
MCX futures trading for gold and silver in June and July 2023, respectively, is also down, with gold trading at Rs 59,402.00 with a fall of Rs 206.00, and silver trading at Rs 71,686.00 with a fall of Rs 334.00. The international market is also experiencing a fall in gold and silver rates, with gold trading down by $6.54 at a rate of $1,942.78 per ounce, and silver trading down by $0.10 at the level of $23.47 an ounce.
The rates of gold and silver in major Indian cities have also fallen, varying from Rs 55,300 to Rs 60,380 for 22 carat and 24 carat gold per ten grams and Rs 73,000 to Rs 77,700 for silver per kg. Note that the rates differ according to the tax in each state.
Overall, gold and silver rates are currently experiencing a downward trend in the Indian and international markets.
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