Silver futures rise on spot demand, Gold prices decrease; check rates in major cities
Analysts say that silver has been able to outshine gold because of its dual nature as it is an industrial raw material as well as a precious metal
The Multi Commodity Exchange (MCX) June Gold futures decreased by 0.27 percent and touched Rs 47,820 on Tuesday, 11 May at 3:25 pm. Silver MCX July futures were trending at Rs 71,559 and increased 0.02 percent around the same time.
In several major Indian cities, the price of gold remained the same as yesterday. Reportedly, the price of 22-carat gold in Delhi on 11 May is around Rs 46,000 while 24-carat gold costs Rs 50,000 for 10 grams.
Ten grams of 22-carat gold can be purchased in Mumbai for Rs 44,910. To buy the same quantity of 24-carat gold, Rs 45,910 should be spent.
Investors in Kolkata can purchase ten grams of 22-carat gold for Rs 45,990 and 24-carat gold can be bought at Rs 49,650.
In Chennai, ten grams of 22-carat and 24-carat gold cost Rs 45,200 and Rs 49,310, respectively.
In the international market, the Gold spot price was at $1,836.10 after an increase of $0.10 or 0.01 percent at 2:32 pm IST (5:02 am EDT).
Reportedly, a kilogram of silver costs Rs 71,600 in Delhi, Kolkata, and Mumbai while in Chennai, it can be bought at Rs 76,100. Analysts said the rise in silver prices was mostly due to fresh positions built by participants on a positive domestic trend. Globally, silver was trading 0.07 per cent up at $27.51 per ounce in New York.
According to a report in the Mint, this year, silver has been able to outshine gold because of its dual nature as it is an industrial as well as a precious metal. Additionally, the report states that shrinking mines supply has also created a demand-supply constraint for the precious metal.