New Delhi: Gold and silver prices have once again seen a significant decline. The pressure on precious metals has increased amid the ongoing tensions in the Middle East, strong US economic data, and a firm stance on interest rates. Its impact is clearly visible from the international market to the Indian domestic market. Gold slipped below the crucial level of Rs 1.50 lakh on MCX, while silver also fell below Rs 2.35 lakh.
What are the latest gold and silver rates on COMEX and MCX?
In the international market, gold fell by about 1.25 percent on the Comex to trade around $4,232 per ounce. Silver, on the other hand, reached $65. The impact was even more pronounced in the domestic market. On the MCX, gold fell by about Rs 2,900 and silver by Rs 5,100.
Gold for August delivery on MCX fell 1.48 per cent to trade at Rs 1,50,180 per 10 grams. At the time of writing, it had lost Rs 2,263. During trading, gold touched a high of Rs 1,50,853 and a low of Rs 1,49,500. In the previous trading session, it had closed at Rs 1,52,443.
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.
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.
