New Delhi: Will the price of gold fall further? After the recent fall, now question arises whether the rate of the precious metal will rise or fall in future. In a week, 24 carat gold has become costlier by Rs 2,100. Whereas the price of 22 carat gold has increased by Rs 1,950.
After giving 65 per cent return last year, gold started this year on a bullish note, but since the Iran-US conflict, gold has been witnessing a decline.
In January, the price of gold reached a record level of $5,602, but later fell to $4,495 in three months, which shows a decline of 20 per cent from the peak.
Gold and silver prices dropped up to 5 per cent on Friday, with white metal plunging by Rs 11,250 to Rs 2.30 lakh per kilogram, while yellow metal declined to Rs 1.47 lakh per 10 grams in the national capital.
On Sunday, the rate for 24 carat gold stands at Rs 1,48,220 per 10 grams and the price of silver is Rs 2,45,000 per kilogram.
The price of spot gold in the international market is $4,416 per ounce.
What is the price of gold and silver?
After fluctuating throughout the week, the price of precious metal is stable on Sunday.
The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,48,220 per 10 grams and 22-carat gold at Rs 1,35,900. Silver traded at Rs 2,45,000 per kg.
In Mumbai, the 24-carat gold was priced at Rs 1,48,090 per 10 grams and 22-carat gold at Rs 1,35,750. Silver traded at Rs 2,45,000 per kg.
In Kolkata, the 24-carat gold was priced at Rs 1,48,090 per 10 grams and 22-carat gold at Rs 1,35,750. Silver traded at Rs 2,45,000 per kg.
The following rates are as per 10 grams of gold:
- Mumbai – Rs 1,48,090
- Delhi – Rs 1,48,220
- Bengaluru – Rs 1,48,090
- Chennai – Rs 1,49,020
- Hyderabad – Rs 1,48,090
- Kolkata – Rs 1,48,090
The following rates are as per 1 kg of silver:
- Mumbai – Rs 2,45,000
- Delhi – Rs 2,45,000
- Bengaluru – 2,45,000
- Chennai – Rs 2,50,000
- Hyderabad – Rs 2,50,000
- Kolkata – Rs 2,45,000
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.
