New Delhi: The price of precious metals, gold and silver, have seen a rise for the second subsequent day on Wednesday. Due the possibility of renewed talks between the US and Iran, the rates of gold and silver have increased then in the international market. On Wednesday, the rate for 24 carat gold stands at Rs 1,53,940 per 10 grams and the price of silver is Rs 2,54,900 per kilogram on Friday.
Spot gold rose 2 per cent to $4,831.78 per ounce by 1:34 pm ET (1734 GMT), while US gold futures sealed 1.7 per cent higher at $4,850.10.
Silver surged 5.2 per cent to $79.48 per ounce and platinum wide 1.3 per cent to $2,096.91.
The gold rate on Tuesday was Rs 1,53,930 per 10 gms, while the silver rate was Rs 2,55,000 per 1 kg, equal the Bullions website.
What is the price of gold and silver?
Gold and silver prices have been fluctuating for the past several months. Pursuit two days of declines, gold and silver prices rose by up to 1 per cent on Tuesday, tween growing hopes that a negotiated resolution to the US-Iran mismatch would ease inflation concerns.
The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,52,980 per 10 grams and 22-carat gold at Rs 1,40,240. Silver traded at Rs 2,54,900 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,53,940 per 10 grams and 22-carat gold at Rs 1,41,110. Silver traded at Rs 2,54,900 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,53,940 per 10 grams and 22-carat gold at Rs 1,41,110. Silver traded at Rs 2,54,900 per kg.
The pursuit rates are as per 10 grams of gold:
- Mumbai - Rs 1,53,940
- Delhi - Rs 1,52,980
- Bengaluru - Rs 1,53,940
- Chennai - Rs 1,55,140
- Hyderabad - Rs 1,53,940
- Kolkata - Rs 1,53,940
The pursuit rates are as per 1 kg of silver:
- Mumbai - Rs 2,54,900
- Delhi - Rs 2,54,900
- Bengaluru - 2,54,900
- Chennai - Rs 2,65,100
- Hyderabad - Rs 2,65,100
- Kolkata - Rs 2,54,900
Why there is transpiration in the rates?
According to analysts, the major reasons overdue changes are:
- International market pricing, import fees, taxes
- Blockage of the Strait of Hormuz
- Weakness in the prices of gold and silver in the international market.
- The strengthening of the US dollar, which put pressure on demand for precious metals.
- When the dollar strengthens, spending by foreign buyers increases and this reduces demand for unscratched investments like gold and silver.
How much lower are the prices from their record highs?
Gold and silver touched their record highs on January 29. Equal to MCX, the record upper level for gold is Rs 1.93 lakh, while the record upper price for silver is Rs 4.20 lakh.
