Gold-Silver Price: Gold Fell By Rs 800 Per 10 Gms; Here's What You're Paying Today

New Delhi: On Friday, the price of precious metals fell in early trade. Gold opened with a decline of about Rs 800 on the MCX, while silver prices fell by Rs 1,700. Amid talks to settle the Middle East conflict and after US President Donald Trump's announcement that there would be a two-week ceasefire against Iran, the rate for 24 carat gold stands at Rs 1,53,000 per 10 grams and the price of silver is Rs 2,60,000 per kilogram on Friday.

Spot gold climbed 1.6 per cent to $4,789.67 per ounce by 1:30 pm ET (1730 GMT), after touching a near three-week high in the previous session. US gold futures closed 0.9 per cent higher at $4,818.00.

Spot silver advanced 2.9 per cent to $76.24 per ounce, platinum rose 3.8 per cent to $2,106.01, and palladium edged up 0.3 per cent to $1,558.75.

The gold rate on Thursday was Rs 1,53,820 per 10 gms, while the silver rate was Rs 2,55,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

Since the start of the US-Iran war, gold and silver have been fluctuating. The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,53,150 per 10 grams and 22-carat gold at Rs 1,40,400. Silver traded at Rs 2,60,000 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,53,000 per 10 grams and 22-carat gold at Rs 1,40,250. Silver traded at Rs 2,60,000 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,53,000 per 10 grams and 22-carat gold at Rs 1,40,250. Silver traded at Rs 2,60,000 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,53,000
• Delhi - Rs 1,53,150 
• Bengaluru - Rs 1,53,000
• Chennai - Rs 1,54,090
• Hyderabad - Rs 1,53,000
• Kolkata - Rs 1,53,000

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,60,000
• Delhi - Rs 2,60,000
• Bengaluru - 2,60,000
• Chennai - Rs 2,65,000
• Hyderabad - Rs 2,65,100
• Kolkata - Rs 2,60,000

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.