Gold-Silver Price: Gold rates fall on first day of week, silver also slips; What is the rate today?

New Delhi: On the first day of the week, the precious metals, gold and silver, saw a downward trend. This decline in the commodity market is a result of rising crude oil prices. Gold prices fell to $4,447.10 per ounce on COMEX on Monday. Silver prices also fell to $68.510 per ounce. The rate for 24 carat gold stands at Rs 1,48,080 per 10 grams and the price of silver is Rs 2,44,900 per kilogram.

On Friday, which was the last trading day of last week, gold closed at $4,489.70 per ounce and silver at $69.770 per ounce. This means gold prices fell by $42.6 per ounce and silver by $1.26 per ounce.

Amid the ongoing war between Iran-Israel-USA, gold and silver prices are experiencing constant fluctuations these days. 

The gold rate on Sunday was Rs 1,48,090 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?

The price of precious metals in the country have been fluctuating significantly over the past few months. After last weeks surge, the price of gold and silver are now declining. 

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,48,210 per 10 grams and 22-carat gold at Rs 1,35,890. Silver traded at Rs 2,44,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,48,080 per 10 grams and 22-carat gold at Rs 1,35,740. Silver traded at Rs 2,44,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,48,080 per 10 grams and 22-carat gold at Rs 1,35,740. Silver traded at Rs 2,44,900 per kg.

The following rates are as per 10 grams of gold:

Mumbai - Rs 1,48,080
Delhi - Rs 1,48,210
Bengaluru - Rs 1,48,080
Chennai - Rs 1,49,010
Hyderabad - Rs 1,48,080
Kolkata - Rs 1,48,080

The following rates are as per 1 kg of silver:

Mumbai - Rs 2,44,900
Delhi - Rs 2,44,900
Bengaluru - 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.