Gold, Silver Price Update On July 24: Know Latest Yellow Metal Rates In Delhi, Mumbai, Kolkata

New Delhi: The price of the gold in India's retail market declined on Friday, amid continued tensions between the United States and Iran. White metal prices also remained stable, with 1 kg of silver retailing at around Rs 2,39,900 across most parts of the country.  

How much did gold fall on MCX?

Spot gold dropped more than 2 per cent to around $4,043 per ounce during US trading, after earlier touching its highest level since July 7 and spot silver dropped as much as 3.8 per cent. 

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?

The details of the prices recorded in major cities across the country on Friday morning are as follows. According to the current market trend, gold prices are trading in the same way in major cities like Delhi, Hyderabad, Mumbai and Bangalore. 

Delhi

24 carat: Rs 14,632 per gram
22 carat: Rs 13,414 per gram
18 carat: Rs 10,978 per gram

Mumbai

24 carat: Rs 14,617 per gram
22 carat: Rs 13,399 per gram
18 carat: Rs 10,963 per gram

Chennai

24 carat: Rs 14,729 per gram
22 carat: Rs 13,501 per gram
18 carat: Rs 11,316 per gram

Kolkata

24 carat: Rs 14,617 per gram
22 carat: Rs 13,399 per gram
18 carat: Rs 10,963 per gram 

What about silver price?

Silver prices, on the other hand, also dropped in the domestic bullion 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 2,44,900. 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 2,39,900.

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.