Gold-Silver Price On July 12: Yellow, White Metal Rates Continue To Fluctuate

New Delhi: Amid international tension and changing strategies of investors, gold and silver prices remain volatile. On Sunday, yellow and white metal prices continue to fluctuate in the domestic market. There was a slight decline in gold prices on the Multi Commodity Exchange (MCX), while silver prices remained strong. 

How much did gold fall on MCX?

Gold prices dipped 1.47 per cent on a weekly basis as minutes from the Federal Reserve’s latest policy meeting reinforced expectations of higher‑for‑longer interest rates. Meanwhile, on Friday, MCX gold August futures were flat while MCX silver July futures inched up 0.01 per cent.

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 Sunday 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 1,32,450. Similarly, the price of 10 grams of 24 carat gold is trading at Rs 1,44,480. 

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 2,40,000. 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 2,35,000.

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.