Gold-Silver Price: Gold Crashes, Silver Loses Its Shine; What Is The Rate Today?

New Delhi: The price of precious metals, gold and silver, are continuously falling in the  the domestic futures market. On Monday, the rate for 24 carat gold stands at Rs 1,45,960 and the price of silver is Rs 2,44,900 per kilogram. In a week, 24 carat gold has become cheaper by Rs 13,690. Whereas, the price of 22 carat gold has come down by Rs 12,550.

On Monday, in the international markets, spot gold was down 3.3 per cent at $4,340.09 per ounce during Asian trading hours. Spot silver lost 3.3 per cent to $65.55 per ounce. Spot platinum fell 4.4 per cent to $1,838.45 and palladium was down 0.4 per cent at $1,398.50. 

The gold rate on Sunday was Rs 1,45,970 per 10 gms, while the silver rate was Rs 2,45,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

As the festival occasion, Navratri, is round the corner, the price of 24-carat gold fell Rs 10 and the rate of silver also dropped by Rs 100, in early trade on Monday.

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,46,110 per 10 grams and 22-carat gold at Rs 1,33,940. Silver traded at Rs 2,44,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,45,960 per 10 grams and 22-carat gold at Rs 1,33,790. Silver traded at Rs 2,44,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,45,960 per 10 grams and 22-carat gold at Rs 1,33,790. Silver traded at Rs 2,44,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,45,960 
• Delhi - Rs 1,46,110
• Bengaluru - Rs 1,45,960
• Chennai - Rs 1,48,570
• Hyderabad - Rs 1,45,960
• Kolkata - Rs 1,45,960

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,44,900
• Delhi - Rs 2,44,900 
• Bengaluru - Rs 2,44,900
• Chennai - Rs 2,49,900
• Hyderabad - Rs 2,49,900
• Kolkata - Rs 2,44,900

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.