On Monday, October 23, 2023, both gold and silver prices experienced a decrease on the Multi Commodity Exchange (MCX).

Gold futures, with a maturity date of December 5, 2023, were priced at Rs 60,546 per 10 grams on the MCX, marking a slight decline of Rs 190 or 0.31 percent compared to the previous close of Rs 60,736.

• Simultaneously, silver futures, also maturing on December 5, 2023, saw an increase of Rs 203 or 0.28 percent, trading at Rs 72,706 per kilogram on the MCX, as opposed to the previous close of Rs 71,895.

• City-wise, the rates for 10 grams of 22-carat gold and per kilogram of silver were as follows:

• NEW DELHI: Gold – Rs 56,750, Silver – Rs 75,300
• MUMBAI: Gold – Rs 56,600, Silver – Rs 75,300
• KOLKATA: Gold – Rs 56,600, Silver – Rs 75,300
• CHENNAI: Gold – Rs 56,700, Silver – Rs 78,700

• The prices of gold and silver in India are influenced by various factors, including the exchange rate of the rupee against the dollar, and global demand also plays a pivotal role in shaping the trends seen in the prices of precious metals.

• In the international market, gold prices retreated from a five-month high in the previous session due to a strengthening U.S. dollar and Treasury yields in anticipation of significant economic data during the week. Investors were monitoring for any indications of a global impact resulting from the Middle East conflict, according to a report by the news agency Reuters.

• As per the most recent metal report, the price of spot gold decreased by 0.4 percent to $1,972.39 per ounce as of 0334 GMT, while U.S. gold futures fell by 0.5 percent to $1,983.50.

• Among other precious metals, spot silver also fell by 0.5 percent to $23.23 per ounce.