New Delhi: Amid ongoing global tensions and shifting investor sentiment, gold and silver prices continued to fluctuate. On Wednesday, both precious metals gained in the domestic market, with 24-carat gold rising by Rs 1,417.61 per 10 grams to reach Rs 1,47,552.
How much did gold rise on MCX?
On MCX, gold August futures eased 0.01 per cent while MCX silver July futures inched up 0.04 per cent. Currently, gold futures stand at Rs 1,47,365, while silver futures are at Rs 2,37,499 per kg.
What are the latest gold rates?
The details of the prices recorded in major cities across the country on Wednesday morning are as follows. According to the current market trend, gold prices are trading in the same way in major cities like Delhi, Hyderabad, Mumbai and Bangalore. In these cities, the price of 10 grams of 22 carat gold used for making jewellery continues to be at Rs 1,35,258. Similarly, the price of 10 grams of 24 carat gold is trading at Rs 1,47,552.
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 2,49,900. 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 2,36,900.
Why is there a change in the rates?
According to analysts, the major reasons behind the changes are:
- International market pricing, import fees, and 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.
