Gold-Silver Price: Gold Rates Fall Again, Silver Also Slips; Here's What You're Paying Today

New Delhi:  On the first day of the week, the precious metals, gold and silver, saw a downward trend. The biggest reason for this is the increasing tension in the Middle East. There are no concrete signs of ease in the conflict between US, Israel and Iran. The cycle of threats and intimidation continues. The rate for 24 carat gold stands at Rs 1,50,920 per 10 grams and the price of silver is Rs 2,49,900 per kilogram.

Bullion fell as much as 1.4 per cent to dip below $4,610 an ounce in early trading, having lost 1.7 per cent in the previous session.

On Friday, the 24-carat gold futures price on the Multi Commodity Exchange (MCX) fell by 0.02 per cent to close at Rs 1,49,650. Silver fell by 4.48 per cent to close at Rs 2,32,600 per kg.

The gold rate on Sunday was Rs 1,50,930 per 10 gms, while the silver rate was Rs 2,50,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

Amid the ongoing war between Iran-Israel-USA, gold and silver prices are experiencing constant fluctuations these days. On Monday, the price of 24-carat gold fell Rs 10 in early trade, with 10 grams of the precious metal trading at Rs 1,50,920, according to the GoodReturns website. The price of silver also declined by Rs 100, with one kilogram of the precious metal selling at Rs 2,49,900.

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,51,070 per 10 grams and 22-carat gold at Rs 1,38,490. Silver traded at Rs 2,49,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,50,920 per 10 grams and 22-carat gold at Rs 1,38,340. Silver traded at Rs 2,49,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,50,920 per 10 grams and 22-carat gold at Rs 1,38,340. Silver traded at Rs 2,49,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,50,920
• Delhi - Rs 1,51,070
• Bengaluru - Rs 1,50,920
• Chennai - Rs 1,52,170
• Hyderabad - Rs 1,50,920
• Kolkata - Rs 1,50,920

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,49,900
• Delhi - Rs 2,49,900
• Bengaluru - 2,49,900
• Chennai - Rs 2,54,900
• Hyderabad - Rs 2,54,900
• Kolkata - Rs 2,49,900

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.