New Delhi: Amid tension between US and Iran, there is uncertainty in the global market, yet the prices of precious metals fell. 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.
How much did gold fall on MCX?
On the Multi Commodity Exchange (MCX), gold futures (August) opened at Rs 1,42,178 per 10 grams, lanugo Rs 1,412 or 0.95 per cent from the previous tropical and silver was at Rs 21,697 per kg.
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?
The details of the prices recorded in major cities wideness the country on Thursday morning are as follows. According to the current market trend, gold prices are trading in the same way in major cities like Delhi, Hyderabad, Mumbai and Bangalore. In these cities, the price of 10 grams of 22 carat gold used for making jewellery continues to be at Rs 1,34,310. Similarly, the price of 10 grams of 24 carat gold is trading at Rs 1,42,178.
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 2,55,000. 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 2,22,035.
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.
