Fri Nov 08 01:53:16 UTC 2024: ## Gold and Silver Prices Dip on MCX Amidst Dollar Strength and Interest Rate Concerns
**Mumbai, India (November 7, 2024):** Both gold and silver prices experienced a decline on the Multi Commodity Exchange (MCX) on Thursday, November 7, 2024. The dip in prices comes amidst a strengthening dollar following Donald Trump’s victory in the U.S. presidential election and anticipation of the Federal Reserve’s interest rate decision later in the day.
Gold futures, maturing on December 5, 2024, closed at Rs 76,340 per 10 grams, registering a drop of Rs 315 or 0.41 per cent from the previous close of Rs 76,655. Similarly, silver futures, also maturing on December 5, 2024, witnessed a decline of Rs 620 or 0.68 per cent, settling at Rs 90,200 per kg compared to the previous close of Rs 90,820.
The global demand for precious metals, along with the value of the rupee against the dollar, significantly influences the gold and silver prices in India.
In the international market, gold prices reached a three-week low on Thursday, with spot gold declining by 0.1 per cent to $2,656.34 per ounce and U.S. gold dropping by 0.5 per cent to $2,663.60. Spot silver also experienced a decline of 0.4 per cent to $31.03 per ounce.
The decline in gold and silver prices can be attributed to the strengthening dollar, which makes dollar-denominated commodities less attractive to investors. Additionally, the upcoming Federal Reserve’s interest rate decision is also weighing heavily on market sentiment, as any increase in rates could further dampen demand for precious metals.
First Piper 