Gold and Silver Price Today, July 31, 2023: Precious Metals Witness Dip on MCX
On July 31, 2023, both gold and silver prices experienced a slight decline on the Multi Commodity Exchange (MCX) in India. Gold futures for August 4, 2023, saw a marginal dip of Rs 145 or 0.24 percent, trading at Rs 59,640 per 10 grams.
Similarly, silver futures for September 5, 2023, witnessed a downfall of Rs 259 or 0.35 percent, retailing at Rs 73,800 per kg. The fluctuation in prices can be attributed to various factors, including global central bank policies and other economic parameters.
Gold and Silver Prices in Major Cities: The price of gold varies across different regions in India due to factors such as excise duty, making charges, and state taxes. These regional variations influence the final retail price of gold and silver in major cities across the country.
International Market Scenario: Gold prices have been experiencing their most significant monthly gain in four months as investors anticipate major global central banks to reach the end of their current monetary policy tightening cycles. News reports indicate that spot gold was down 0.2% at $1,954.79 per ounce, while U.S. gold futures slipped 0.4% to $1,953.80 per ounce. Other precious metals, like silver, are also poised to post monthly increases, with spot silver leading at 6.5%, despite being down 0.5% on the day at $24.22 an ounce.
Impact of Central Bank Policies: Expectations surrounding central bank policies play a crucial role in determining the trends in precious metal prices. As investors gauge the likelihood of monetary policy tightening cycles coming to an end, gold and silver prices may experience fluctuations in response to market sentiment.
The slight dip in gold and silver prices on the MCX highlights the sensitivity of the precious metals market to global economic factors and central bank policies. While gold prices have been witnessing a notable monthly gain on the international market, regional variations and changing investor sentiments continue to influence the prices of these precious metals in major Indian cities. As economic conditions evolve, investors and traders must closely monitor global market trends to make informed decisions regarding their gold and silver investments.