New Delhi: Rising Middle East tensions and a surge in crude oil prices have put pressure on price of gold and silver. The prices are fluctuating constantly these days, surprising investors. The rate of precious metals are fluctuating in the international market today. The rate for 24 carat gold stands at Rs 1,53,980 per 10 grams and the price of silver is Rs 2,90,000 per kilogram on Tuesday.
Gold prices fell 0.37 per cent to Rs 1,54,224 per 10 grams on the Multi Commodity Exchange (MCX). Silver prices rose 1.47 per cent to Rs 2,82,400 per kilogram.
The gold rate on Monday was Rs 1,53,440 per 10 gms, while the silver rate was Rs 2,75,000 per 1 kg, according the Bullions website.
What is the price of gold and silver?
Gold and silver prices across the country are seeing a significant rise today.
According to the GoodReturns, the price of 24-carat gold increased by Rs 540 in early trade on Tuesday, with 10 grams trading at Rs 1,53,980 and the rate of silver also increased by Rs 15,000 with 1 kilogram selling at Rs 2,90,000.
The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,54,130 per 10 grams and 22-carat gold at Rs 1,41,300. Silver traded at Rs 2,90,000 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,53,980 per 10 grams and 22-carat gold at Rs 1,41,150. Silver traded at Rs 2,90,000 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,53,980 per 10 grams and 22-carat gold at Rs 1,41,150. Silver traded at Rs 2,90,000 per kg.
The following rates are as per 10 grams of gold:
Mumbai – Rs 1,53,980
Delhi – Rs 1,54,130
Bengaluru – Rs 1,53,980
Chennai – Rs 1,53,840
Hyderabad – Rs 1,53,980
Kolkata – Rs 1,53,980
The following 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 2,94,900
Hyderabad – Rs 2,94,900
Kolkata – Rs 2,90,000
What did PM Modi say?
Prime Minister Narendra Modi has appealed to the people of the country to do many things like not buying gold for a year, reducing the use of crude oil, reducing the use of oil in cooking, postponing non-essential foreign travel, reducing fuel consumption etc. He has said that a huge amount of foreign currency is being spent to buy crude 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 appeal of Prime Minister Narendra Modi, the gold business in India seems to be affected. Businessmen and employees have started worrying about profits and employment.
Why there is change in the rates?
According to analysts, the major reasons behind 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 safe 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 high level for gold is Rs 1.93 lakh, while the record high price for silver is Rs 4.20 lakh.
