Gold-Silver Price On July 1: Did Gold Gets Costlier Or Cheaper? Check What You're Paying Today

New Delhi: Gold and silver prices continue to fluctuate amid international tension and changing strategies of investors. On Tuesday, Gold and silver prices continue to fluctuate in the domestic market. Silver prices also remained stable, with 1 kg of silver retailing at around Rs 2,40,000 across most parts of the country. 

How much did gold fall on MCX?

On the Multi Commodity Exchange (MCX), gold futures (August) declined as much as 1.37 per cent or Rs 1,952, to hit an intraday low of Rs 1,40,450 per 10 grams. Meanwhile, silver futures (September) also traded lower, falling over 1 per cent or Rs 2,387 to an intraday low of Rs 2,20,247 per kg.

Why is gold expensive?

Experts say that due to economic uncertainty around the world, fluctuations in the dollar and increasing demand for 'safe investment', the purchase of gold is continuously increasing. The strength in the international market is also having a direct impact on the Indian bullion market

Did the price decline?

There's some good news for those buying gold and silver. Prices of precious metals, which had been at record highs for the past few days, are now easing. Fluctuations in the international market and profit-booking by investors have also led to a decline in the prices of both gold and silver in the domestic market.

What are the latest gold rates?

The details of the prices recorded in major cities across the country on Tuesday morning are as follows. According to the current market trend, gold prices are trading in the same way in major cities like Delhi, Hyderabad, Mumbai and Bangalore. In these cities, the price of 10 grams of 22 carat gold used for making jewellery continues to be at Rs 1,29,620. Similarly, the price of 10 grams of 24 carat gold is trading at Rs 1,41,510. 

What about silver price?

Along with gold, silver prices are also facing huge fluctuations in the market. However, silver prices in the South are a bit expensive compared to the northern cities. The price of a kg of silver in Hyderabad, Vijayawada, Chennai and Kerala is continuing to remain at Rs 2,44,900. At the same time, the price of a kg of silver in Delhi, Mumbai, Bengaluru and other northern parts of the country is trading at Rs 2,34,900.

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.