Gold-Silver Price: Gold Rises For Second Straight Day; What Is The Rate Today

New Delhi: The price of precious metals, gold and silver, have seen a rise for the second consecutive day on Wednesday. Due the possibility of renewed talks between the US and Iran, the rates of gold and silver have increased again in the international market. On Wednesday, the rate for 24 carat gold stands at Rs 1,53,940 per 10 grams and the price of silver is Rs 2,54,900 per kilogram on Friday.

Spot gold rose 2 per cent to $4,831.78 per ounce by 1:34 pm ET (1734 GMT), while US gold futures closed 1.7 per cent higher at $4,850.10.

Silver surged 5.2 per cent to $79.48 per ounce and platinum advanced 1.3 per cent to $2,096.91.

The gold rate on Tuesday was Rs 1,53,930 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?

Gold and silver prices have been fluctuating for the past several months. Following two days of declines, gold and silver prices rose by up to 1 per cent on Tuesday, amid growing hopes that a negotiated resolution to the US-Iran conflict would ease inflation concerns. 

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,52,980 per 10 grams and 22-carat gold at Rs 1,40,240. Silver traded at Rs 2,54,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,53,940 per 10 grams and 22-carat gold at Rs 1,41,110. Silver traded at Rs 2,54,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,53,940 per 10 grams and 22-carat gold at Rs 1,41,110. Silver traded at Rs 2,54,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,53,940
• Delhi - Rs 1,52,980
• Bengaluru - Rs 1,53,940
• Chennai - Rs 1,55,140
• Hyderabad - Rs 1,53,940
• Kolkata - Rs 1,53,940

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,54,900
• Delhi - Rs 2,54,900
• Bengaluru - 2,54,900
• Chennai - Rs 2,65,100
• Hyderabad - Rs 2,65,100
• Kolkata - Rs 2,54,900

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.