- MCX will withdraw 3% margin on gold and 7% on silver futures from Thursday
- Gold futures rose Rs 1,297 to Rs 1,52,715 per 10 grams on Wednesday
- Global gold futures increased 0.89% to $4,921 per ounce in New York
The Multi Commodity Exchange will withdraw an additional margin of 3% levied on gold futures and 7% levied on silver futures with effect from Thursday, according to a release issued on Wednesday.
The withdrawal will be applicable to all contracts of all variants with regards to the derivatives linked to the two precious metals.
Gold prices on Wednesday rose by Rs 1,297 to Rs 1,52,715 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.
On the MCX, gold contracts for April delivery traded higher by Rs 1,297 or 0.86% at Rs 1,52,715 per 10 grams in a business turnover of 1,557 lots.
Fresh positions built up by participants led to a rise in gold prices, analysts said.
Globally, gold futures rose 0.89% to $4,921 per ounce in New York.
Retail Gold Prices Today
In Mumbai, the financial heart of the country, 24-carat gold was retailing at approximately Rs 1,51,860 per 10 grams on Wednesday morning, according to Bullions.co.in. Kolkata followed a similar trend, with its gold rate reported at Rs 1,51,660. Both cities were ahead of the national capital, Delhi, where the 24-carat rate currently stood at Rs 1,52,750.
The southern markets continued to record the highest figures in the country. Chennai led the metros with a peak rate of Rs 1,53,450, while Hyderabad and Bengaluru followed closely at Rs 1,53,250 and Rs 1,53,130 respectively, keeping the price gap between the southern hubs and the northern capital distinct.
Retail Silver Prices Today
Here is how the silver rates unfolded across major Indian hubs today: Mumbai was the epicentre of this price rally. The silver rate in the financial capital was at Rs 2,33,970 per kg. In the national capital, Delhi, silver kept pace with Mumbai, priced at Rs 2,33,570 per kg.
Chennai and Hyderabad saw silver trade at approximately Rs 2,34,660 and Rs 2,34,350 per kg, respectively. Bengaluru followed closely, with rates hovering around Rs 2,34,160 per kg. Silver rates in Kolkata were trading at roughly Rs 2,33,190.
ALSO READ: Gold, Silver Price Today, Feb 18: Check Prices In Mumbai, Delhi, Chennai, And Other Cities
(With PTI inputs)
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