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Gold Trades Marginally Higher On MCX, Silver Rises Above Rs 69,850

Gold Trades Marginally Higher On MCX, Silver Rises Above Rs 69,850

In the spot market, silver was sold at Rs 70,205 per kilogram on Wednesday evening.

Gold, Silver Price Today: Gold price for delivery of June 4 rose as much as 0.3 per cent to hit an intraday high of Rs 47,151 per gram on the Multi Commodity Exchange. In the spot market, fine gold with (999) purity was sold at Rs 46,750 per 10 gram, according to India Bullion & Jewellers Association (IBJA). Gold with 22 carat purity was retailed at Rs 45,160 per 10 gram, 18 carat gold was sold at Rs 37,400 per 10 gram and gold with purity of 14 carat was priced at Rs 31,090 per 10 gram. The spot rates mentioned above are exclusive of 3 per cent goods and services tax and making charges, IBJA noted on its website.

Overnight, gold prices were mostly unchanged on Wednesday as the possibility of higher US interest rates supported the dollar, while palladium held near record highs hit in the previous session amid supply worries.

"The dollar index bounced back last week and has generally risen this week. That's kind of providing some downward pressure on gold prices," said Fawad Razaqzada, analyst with ThinkMarkets.

"Treasury Secretary Janet Yellen clearly said that rates need to go up higher at some point of time. The key question is how fast they will rise as the Federal Reserve has remained quite dovish."

Back home, silver prices also rose in-line with gold as silver futures contracts for delivery on July 5, 2021 rose as much as 0.45 per cent to hit an intraday high of Rs 69,926 per 1 kilogram.

In the spot market, silver was sold at Rs 70,205 per kilogram on Wednesday evening, according to IBJA.

In the international market, silver futures fell 1.5 per cent to $26.56 per ounce.

(With inputs from Reuters)