New Delhi: Gold and silver prices remained volatile on Wednesday as global developments and continued uncertainty in international markets influenced precious metal rates. On the Multi Commodity Exchange (MCX), gold prices edged lower, while silver continued to trade on a firm note.
How much did gold fall on MCX?
Spot gold gained 0.1 per cent to $4,056.69 an ounce, while US gold futures for August delivery slipped 0.1 per cent to $4,063.80. Precious metals traded mixed on Wednesday, with spot silver rising 0.4 per cent to $58.86 per ounce and platinum gaining 0.3 per cent to $1,636.28, while palladium slipped 0.1 per cent to $1,304.10. Politics
What are the latest gold rates?
The details of the prices recorded in major cities across the country on Wednesday morning are as follows.
Delhi
24 carat: Rs 14,294 per gram
22 carat: Rs 13,104 per gram
18 carat: Rs 10,724 per gram
Mumbai
24 carat: Rs 14,279 per gram
22 carat: Rs 13,089 per gram
18 carat: Rs 10,709 per gram
Chennai
24 carat: Rs 14,345 per gram
22 carat: Rs 13,149 per gram
18 carat: Rs 10,969 per gram
Kolkata
24 carat: Rs 14,279 per gram
22 carat: Rs 13,089 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.
