Gold Prices Reach New Highs Amid Dollar Index Decline

Gold and silver prices witnessed a significant surge today, April 8th, reaching unprecedented levels in the market. 

The remarkable ascent in prices is attributed to various market dynamics, including fluctuations in the dollar index (DXY).

Gold Prices Soar:

Gold contracts on the Multi Commodity Exchange (MCX) hit a record high of ₹71,080 per 10 grams, marking an increase of ₹440 or 0.62%. 

This surge follows a consistent growth trend, with gold futures on an upward trajectory, showcasing resilience amidst market volatility.

Silver Futures Reach New Peaks:

Silver futures also experienced a notable uptick, reaching a new pinnacle of ₹82,064, surging by ₹1076 or 1.33%. 

The surge in silver prices is notably influenced by the weakening dollar index (DXY), which hovered near the 104.25 mark. 

Over the past five trading sessions, silver futures have witnessed a 0.73% decline, further underscoring the volatility and sensitivity of precious metal markets to global economic indicators.

Regional Price Trends:

Delhi:

In the capital city of Delhi, gold prices surged to ₹71,210 per 10 grams today, compared to ₹72,118 per 10 grams recorded yesterday. Meanwhile, silver prices witnessed a similar uptick, reaching ₹83,400 per kilogram, reflecting a substantial increase from ₹81,700 per kilogram on April 7th.

Chennai:

Chennai witnessed a parallel surge in gold prices, with rates reaching ₹71,070 per 10 grams today, compared to ₹72,118 per 10 grams a day prior. Additionally, silver prices in Chennai climbed to ₹86,900 per kilogram, indicating a notable increase from ₹85,000 per kilogram recorded yesterday.

Mumbai:

Gold prices in Mumbai stood at ₹71,350 per 10 grams today, slightly lower than the previous day’s rate of ₹71,699 per 10 grams. Similarly, silver prices in the city experienced a surge, reaching ₹83,400 per kilogram, compared to ₹81,700 per kilogram on April 7th.

Kolkata:

In Kolkata, gold prices surged to ₹71,629 per 10 grams today, showcasing an upward trend from ₹71,489 per 10 grams recorded on April 7th. Silver prices also witnessed a notable increase, reaching ₹83,400 per kilogram, compared to ₹81,700 per kilogram observed yesterday.

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