Gold And Silver Rates Fall Today Amid Global Uncertainty: Check What You're Paying

New Delhi: Amid the ongoing US war against Iran, Gold and silver prices continue to fluctuate, causing uncertainty across global markets. The gold has 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 2.65 lakh.

What are the latest gold and silver rates?

The spot price of gold rose by 1.2 per cent to reach $4,209.03 per ounce, whereas US gold futures for August delivery dropped by 0.5 per cent to $4,225.80. The spot price of silver surged by 2.6 per cent, reaching $66.60 per ounce.

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?

According to the current market trend, gold prices are trading in the same way in major cities of the country like Delhi, Hyderabad, Mumbai, and Bangalore. In these cities, the price of 10 grams of 22-carat gold used for making jewelry continues to be at Rs 1,34,040. Similarly, the price of 10 grams of 24-carat gold of the highest purity is trading at Rs 1,46,070. 

What about the 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 2,54,900. 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 2,49,900.

Why is there a change in the rates?

According to analysts, the major reasons behind 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 has 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.