New Delhi: Amid talks to settle the Middle East mismatch and without US President Donald Trump's utterance that there would be a two-week armistice versus Iran, Gold and silver prices saw a major spike. The rate for 24 carat gold stands at Rs 1,53,830 per 10 grams and the price of silver is Rs 2,60,100 per kilogram on Thursday.
In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.
The gold rate on Wednesday was Rs 1,53,820 per 10 gms, while the silver rate was Rs 2,60,000 per 1 kg, equal the Bullions website.
What is the price of gold and silver?
Since the start of the US-Iran war, gold and silver have been fluctuating. Without US and Iran well-set to a two-week ceasefire, gold climbed Rs 3,200 to Rs 1.53 lakh per 10 grams and silver prices spiked Rs 11,000 to Rs 2.60 lakh per kg
The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,53,980 per 10 grams and 22-carat gold at Rs 1,41,160. Silver traded at Rs 2,60,100 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,53,830 per 10 grams and 22-carat gold at Rs 1,41,010. Silver traded at Rs 2,60,100 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,53,830 per 10 grams and 22-carat gold at Rs 1,41,010. Silver traded at Rs 2,60,100 per kg.
The pursuit rates are as per 10 grams of gold:
- Mumbai - Rs 1,53,830
- Delhi - Rs 1,53,980
- Bengaluru - Rs 1,53,830
- Chennai - Rs 1,54,920
- Hyderabad - Rs 1,53,830
- Kolkata - Rs 1,53,830
The pursuit rates are as per 1 kg of silver:
- Mumbai - Rs 2,60,100
- Delhi - Rs 2,60,100
- Bengaluru - 2,60,100
- Chennai - Rs 2,65,100
- Hyderabad - Rs 2,65,100
- Kolkata - Rs 2,60,100
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.
