New Delhi: On Monday, the precious metals Gold and silver prices rally up to 5 per cent. Spot gold prices were up nearly 0.61 per cent to $5,160 per ounce, while spot silver prices climbed 5 per cent to $86 per ounce, during the Asian trading hours.
The gold rate on Sunday was Rs 1,59,280 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?
Both the precious metals saw a recovery last week, with both recording a sharp surge. However, despite this rebound, the gold and silver are still trading significantly lower than their peak levels
According to the last week’s surge in silver prices, the metal became costlier by Rs 8,584 per kilogram over the week.
The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,59,270 per 10 grams and 22-carat gold at Rs 1,45,990. Silver traded at Rs 2,74,900 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,59,270 per 10 grams and 22-carat gold at Rs 1,45,990. Silver traded at Rs 2,74,900 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,59,270 per 10 grams and 22-carat gold at Rs 1,45,990. Silver traded at Rs 2,74,900 per kg.
The following rates are as per 10 grams of gold:
- Mumbai – Rs 1,59,270
- Delhi – Rs 1,59,420
- Bengaluru – Rs 1,59,270
- Chennai – Rs 1,60,140
- Hyderabad – Rs 1,59,270
- Kolkata – Rs 1,59,270
The following rates are as per 1 kg of silver:
- Mumbai – Rs 2,74,900
- Delhi – Rs 2,74,900
- Bengaluru – Rs 2,74,900
- Chennai – Rs 2,89,900
- Hyderabad – Rs 2,89,900
- Kolkata – Rs 2,74,900
Why there is change in rates?
According to analysts, the major reasons behind 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 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.
