New Delhi: Gold and silver prices remained volatile on Thursday as global uncertainties and developments continued to influence international markets. In the domestic market, gold prices edged lower on the Multi Commodity Exchange (MCX), while silver held firm, reflecting sustained strength despite the broader market fluctuations.
How much did gold fall on MCX?
On the Multi Commodity Exchange (MCX), gold futures for the August 5 contract opened at Rs 1,45,200 per 10 grams, down Rs 192 from the previous close of Rs 1,45,392.
Did the price decline?
There’s some good news for those buying gold and silver. Prices of precious metals, which had been at record highs for the past few days, are now easing. Fluctuations in the international market and profit-booking by investors have also led to a decline in the prices of both gold and silver in the domestic market.
What are the latest gold rates?
The details of the prices recorded in major cities across the country on Thursday morning are as follows.
Delhi
24 carat: Rs 14,327 per gram
22 carat: Rs 13,134 per gram
18 carat: Rs 10,749 per gram
Mumbai
24 carat: Rs 14,312 per gram
22 carat: Rs 13,119 per gram
18 carat: Rs 10,734 per gram
Chennai
24 carat: Rs 14,454 per gram
22 carat: Rs 13,249 per gram
18 carat: Rs 11,069 per gram
Kolkata
24 carat: Rs 14,312 per gram
22 carat: Rs 13,119 per gram
18 carat: Rs 10,734 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 2,45,100.
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.
