New Delhi: Gold and silver prices remained volatile on Friday as uncertainty and global market developments continued to influence trends. In the domestic market, gold prices edged higher on the Multi Commodity Exchange (MCX), while silver prices held firm.
How much did gold fall on MCX?
On the MCX, gold was trading at Rs 1,45,000 per 10 grams, down Rs 392 or 0.27 per cent and silver opened at Rs 2,30,015, down Rs 842 from previous close of Rs 2,30,857. At the last count, it was trading at Rs 2,29,401, lower by Rs 1,456 or 0.63 per cent.
What are the latest gold rates?
The details of the prices recorded in major cities across the country on Friday morning are as follows.
Delhi
24 carat: Rs 14,460 per gram
22 carat: Rs 13,256 per gram
18 carat: Rs 10,849 per gram
Mumbai
24 carat: Rs 14,445 per gram
22 carat: Rs 13,241 per gram
18 carat: Rs 10,834 per gram
Chennai
24 carat: Rs 14,532 per gram
22 carat: Rs 13,321 per gram
18 carat: Rs 11,081 per gram
Kolkata
24 carat: Rs 14,445 per gram
22 carat: Rs 13,241 per gram
18 carat: Rs 10,834 per gram
What about silver price?
Along with gold, silver prices are also 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 continuing to remain at Rs 2,44,900. 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 2,34,900.
Why is there a 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.
