On September 28, 2023, the market scenario for precious metals, specifically gold and silver, exhibited a recurring trend of declining values on the Multi Commodity Exchange (MCX) for the second consecutive day. This day marked a continuation of the downward trajectory in prices for these precious commodities.
Gold, with its futures set to mature on October 5, 2023, found itself at a price point of Rs 57,647 per 10 grams within the MCX arena. This figure represented a marginal dip of Rs 172 or 0.30 percent from the previous trading day.
In parallel, the situation for silver futures, which were slated to mature on December 5, 2023, was also disheartening. The silver market witnessed a decline of Rs 15 or 0.02 percent, leading to a retail price of Rs 70,677 per kilogram on the MCX platform.
It's worth noting that just the day before, on September 27, the prices of gold and silver had stood at slightly higher levels, specifically Rs 57,672 per 10 grams and Rs 70,549 per kilogram, respectively, when the trading day came to a close.
Understanding the dynamics of precious metal pricing in India involves considering various regional factors, including excise duty, making charges, and state taxes, all of which contribute to the variations in gold prices across different parts of the country.
As reported by Reuters, the international gold market was relatively stable this Thursday, albeit with prices hovering close to a six-month low experienced during the preceding session. The predominant factors influencing this situation included the strength of the dollar and Treasury yields. Market participants were also eagerly awaiting economic data from the United States, which could provide valuable insights into the future path of interest rates set by the Federal Reserve.
In accordance with the latest metal report, spot gold retained its position at $1,874.49 per ounce as of 0435 GMT. This followed a significant decline of 1.4 percent, marking its most substantial daily drop since July, which had occurred on the previous Wednesday. Simultaneously, U.S. gold futures remained relatively unchanged at $1,891.30.
Among the spectrum of precious metals, spot silver exhibited a minor decline of 0.2 percent, with its price per ounce settling at $22.48.
