New Delhi: Rising Middle East tensions and a surge in transplanted oil prices have put pressure on price of gold and silver. The prices are fluctuating constantly these days, surprising investors. The rise in the price of gold in the country has come to a halt. The price of 24-carat gold on Monday has come lanugo to Rs 1,56,920 per 10 grams.
In the international market, spot gold declined 1.1 per cent to $4,488.99 per ounce and spot silver is at $78.21 per ounce.
What is the price of gold and silver?
These days, gold and silver prices are fluctuating constantly, surprising investors. Gold and silver prices are fluctuating in the international market plane today.
The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,57,070 per 10 grams and 22-carat gold at Rs 1,43,990. Silver traded at Rs 2,79,900 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,56,920 per 10 grams and 22-carat gold at Rs 1,43,840. Silver traded at Rs 2,79,900 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,56,920 per 10 grams and 22-carat gold at Rs 1,43,840. Silver traded at Rs 2,79,900 per kg.
The pursuit rates are as per 10 grams of gold:
- Mumbai - Rs 1,56,920
- Delhi - Rs 1,57,070
- Bengaluru - Rs 1,56,920
- Chennai - Rs 1,60,900
- Hyderabad - Rs 1,60,900
- Kolkata - Rs 1,56,920
The pursuit rates are as per 1 kg of silver:
- Mumbai - Rs 2,79,900
- Delhi - Rs 2,79,900
- Bengaluru - Rs 2,79,900
- Chennai - Rs 2,89,900
- Hyderabad - Rs 2,89,900
- Kolkata - Rs 2,79,900
What did PM Modi say?
Prime Minister Narendra Modi has appealed to the people of the country to do many things like not ownership gold for a year, reducing the use of transplanted oil, reducing the use of oil in cooking, postponing non-essential foreign travel, reducing fuel consumption etc. He has said that a huge value of foreign currency is stuff spent to buy transplanted oil. At such a time, all the citizens of the country should take a step, which will reduce the increasing pressure on the country to some extent. After the request of Prime Minister Narendra Modi, the gold merchantry in India seems to be affected. Businessmen and employees have started worrying well-nigh profits and employment.
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.
