Gold Prices Fall By Rs 2,000, Silver Drops Rs 7,000 Across Major Cities

New Delhi: On Tuesday, May 5, a significant decline was seen in the prices of both gold and silver. 24 carat and 22 carat gold became cheaper by around Rs 2,000, while silver prices also fell by around Rs 7,000. Its effect was visible simultaneously in almost all the big cities of the country.

Why did the prices of gold and silver suddenly fall?

The biggest reason for this decline is considered to be the international situation. The increasing tension between America and Iran has created a strange uneasiness in the market. Whenever such uncertainty increases, inflation and interest rates are also affected and this has a direct impact on the price of gold.

What is the latest price of gold today?

Today 24 carat gold is trading at around Rs 1,49,830 per 10 grams. Whereas the price of 22 carat gold is approximately Rs 1,37,344 per 10 grams. There is slight variation in different cities which is due to local taxes and demand.

What is the condition of silver today?

Silver also remained untouched by this decline. Today silver of 999 purity is being sold at around Rs 2,44,230 per kg.

In which city is gold found most expensive?

If we talk about cities, gold prices are highest in Chennai. After that comes Hyderabad, Bengaluru and Mumbai. This difference arises due to local taxes and demand.

What are the prices in major cities today?

Delhi

24 carat: Rs 1,49,300 | 22 carat: Rs 1,36,858 | Silver: Rs 2,43,370/kg

Mumbai

24 carat: Rs 1,49,550 | 22 carat: Rs 1,37,088 | Silver: Rs 2,43,790/kg

Kolkata

24 carat: Rs 1,49,360 | 22 carat: Rs 1,36,913 | Silver: Rs 2,50,430/kg

Bengaluru

24 carat: Rs 1,49,670 | 22 carat: Rs 1,37,198 | Silver: Rs 2,43,980/kg

Chennai

24 carat: Rs 1,49,990 | 22 carat: Rs 1,37,491 | Silver: Rs 2,44,500/kg

Hyderabad

24 carat: Rs 1,49,790 | 22 carat: Rs 1,37,308 | Silver: Rs 2,44,170/kg

Know this before buying gold

If you are thinking of buying gold considering this decline as an opportunity, then keep one thing in mind – the prices given above are market prices. When you go to a jeweler's shop, making charges, GST and other taxes will be added separately to the bill. So the real price will be a little more.

At present, there is a soft environment in the market and fluctuations may continue in the coming days.