New Delhi: Gold and silver prices have once then seen a significant decline. The pressure on precious metals has increased tween the ongoing tensions in the Middle East, strong US economic data, and a firm stance on interest rates. Its impact is unmistakably visible from the international market to the Indian domestic market. Gold slipped unelevated the crucial level of Rs 1.50 lakh on MCX, while silver moreover fell unelevated Rs 2.60 lakh.
What are the latest gold and silver rates?
After US and Iran officials said they had reached a preliminary deal to end their conflict, US gold rose 2 per cent on Monday and Spot gold was up 2 per cent at $4,304.11 per ounce.
Did the price decline?
There's some good news for those ownership gold and silver. Prices of precious metals, which had been at record highs for the past few days, are now easing. Fluctuations in the international market and profit-booking by investors have moreover led to a ripen in the prices of both gold and silver in the domestic market.
What are the latest gold rates?
According to the current market trend, gold prices are trading in the same way in major cities of the country like Delhi, Hyderabad, Mumbai and Bangalore. In these cities, the price of 10 grams of 22 carat gold used for making jewelry continues to be at Rs 1,36,640. Similarly, the price of 10 grams of 24 carat gold of the highest purity is trading at Rs 1,49,220.
What well-nigh silver price?
Along with gold, silver prices are moreover facing huge fluctuations in the market. However, silver prices in the South are a bit expensive compared to the northern cities. The price of a kg of silver in Hyderabad, Vijayawada, Chennai and Kerala is standing to remain at Rs 2,69,900. At the same time, the price of a kg of silver in Delhi, Mumbai, Bengaluru and other northern parts of the country is trading at Rs 2,59,900.
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. According 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.
