New Delhi: Gold prices continue to witness fluctuations amid the ongoing US-Iran conflict, adding to uncertainty in global markets. In India, gold rates are influenced by a combination of international and domestic factors, including global bullion prices, the strength of the US dollar, and local demand for jewellery, particularly during festivals and the wedding season.
How much did gold fall on MCX?
In the international markets, spot gold rose marginally to trade around $4,020 per ounce, and silver gained nearly 2 per cent at $56.88 per ounce. Spot gold hovered around $4,020 an ounce while silver gained 2 per cent to $57.
What are the latest gold rates?
The details of the prices recorded in major cities across the country on Tuesday morning are as follows.
Delhi
24 carat: Rs 14,362 per gram
22 carat: Rs 13,166 per gram
18 carat: Rs 10,724 per gram
Mumbai
24 carat: Rs 14,347 per gram
22 carat: Rs 13,151 per gram
18 carat: Rs 10,709 per gram
Chennai
24 carat: Rs 14,347 per gram
22 carat: Rs 13,151 per gram
18 carat: Rs 10,969 per gram
Kolkata
24 carat: Rs 14,347 per gram
22 carat: Rs 13,151 per gram
18 carat: Rs 10,709 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 2,23,990. 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 2,22,880.
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.
