Gold, silver price today, February 16, 2024: Precious metals record hike on MCX

After witnessing mixed trends in the Indian market, both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Friday, February 16, 2024.

Gold futures, maturing on April 5, 2024, stood at Rs 61,689 per 10 grams on the MCX, after recording a marginal hike of Rs 43 or 0.07 per cent. The previous close was recorded at Rs 61,622.

Meanwhile, silver futures, maturing on March 5, 2024, witnessed a hike of Rs 125 or 0.18 per cent and were retailing at Rs 71,397 per kg on the MCX against the previous close of Rs 71,121.

GOLD, SILVER PRICES IN MAJOR CITIES

The gold and silver prices in India depend on several factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining the trends observed in the rate of precious metals.

GOLD, SILVER PRICES ON INTERNATIONAL MARKET

Gold was headed for a second straight weekly fall on Friday after an unexpected spike in US consumer prices made traders rethink their rate-cut expectations, though bullion recouped some of the losses following a drop in consumer spending, news agency Reuters reported.

According to the latest metal report, spot gold was little changed at $2,003.30 per ounce, and has lost over 1 per cent for the week so far. US gold futures were also steady at $2,015.70 per ounce.

“There is no war premium, gold ETF holdings are withdrawing, Fed officials striked a hawkish tone, CPI came on the higher side, and with dollar, opens new tab likely on a positive side – there is no particular reason for going long on gold,” Jigar Trivedi, a senior analyst at Reliance Securities, said.

No significant bounce-back in gold is likely, and prices could hit the $1970/oz-1960/oz level as sentiment will be weak, Trivedi said.

Among other precious metals, silver rose 0.2 per cent higher to $22.96.