New Delhi: Amid the slipperiness in the Middle East, the gold prices rose on Tuesday without the news from US President Trump indicates that the mismatch with Iran could be "possibly be nearing its end". The precious metals moreover opened sharply higher on the Multi-Commodity Exchange of India (MCX).
In the international markets, spot gold rose well-nigh 1 per cent to $5,145 per ounce during Asian trading hours. Spot silver climbed virtually 4 per cent to $87.9 per ounce.
The gold rate on Monday was Rs 1,61,680 per 10 gms, while the silver rate was Rs 2,80,000 per 1 kg, equal the Bullions website.
What is the price of gold and silver?
Gold and silver prices opened sharply higher on the MCX on Tuesday. However, despite this rebound, the gold and silver are still trading significantly lower than their peak levels.
The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,62,530 per 10 grams and 22-carat gold at Rs 1,49,000. Silver traded at Rs 2,90,000 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,62,380 per 10 grams and 22-carat gold at Rs 1,48,850. Silver traded at Rs 2,90,000 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,62,380 per 10 grams and 22-carat gold at Rs 1,48,850. Silver traded at Rs 2,90,000 per kg.
The pursuit rates are as per 10 grams of gold:
- Mumbai - Rs 1,62,380
- Delhi - Rs 1,63,790
- Bengaluru - Rs 1,62,380
- Chennai - Rs 1,64,180
- Hyderabad - Rs 1,62,380
- Kolkata - Rs 1,62,380
The pursuit rates are as per 1 kg of silver:
- Mumbai - Rs 2,90,000
- Delhi - Rs 2,90,000
- Bengaluru - Rs 2,90,000
- Chennai - Rs 3,00,000
- Hyderabad - Rs 3,00,000
- Kolkata - Rs 2,90,000
Why there is transpiration in rates?
According to analysts, the major reasons overdue changes are:
- 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.
- Speeding up the process of withdrawing profits by investors.
- 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.
