Gold-Silver Price: Gold Rates Fall, Silver Slips After US-Iran Ceasefire Announcement

New Delhi: After US President Donald Trump's announcement of a two-week ceasefire agreement with Iran, Gold and silver prices have fallen in the national capital's bullion market. In the domestic market, gold prices have slumped for the second consecutive day.

COMEX gold rate surged as much as 3.1 per cent to rise above $4,850 per ounce, building on a 1.2 per cent increase from the previous session. Meanwhile, COMEX silver prices rose nearly 6.80 per cent to $76.92 per ounce on Wednesday, during the Asian trading hours.

The rate for 24 carat gold stands at Rs 1,49,830 per 10 grams and the price of silver is Rs 2,49,900 per kilogram.

The gold rate on Tuesday was Rs 1,49,840 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?

After US President Donald Trump and Iran agreed to a two-week ceasefire, gold and silver prices saw a downward trend. On Wednesday, the price of 24-carat gold fell by Rs 10 with 10 grams of the precious metal trading at Rs 1,49,830, 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 1,49,980 per 10 grams and 22-carat gold at Rs 1,37,490. Silver traded at Rs 2,49,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,49,830 per 10 grams and 22-carat gold at Rs 1,37,340. Silver traded at Rs 2,49,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,49,830 per 10 grams and 22-carat gold at Rs 1,37,340. Silver traded at Rs 2,49,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,49,830
• Delhi - Rs 1,49,980
• Bengaluru - Rs 1,49,830
• Chennai - Rs 1,51,190
• Hyderabad - Rs 1,49,830
• Kolkata - Rs 1,49,830

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.