Gold-Silver Price On July 17: Is Yellow Metal Getting Costlier? Check Latest City-Wise Rates

New Delhi: Amid international tension and changing strategies of investors, gold and silver prices remain volatile. On Friday, 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?

On the the Multi Commodity Exchange (MCX), gold futures (August 5) opened at Rs 1,42,633, down Rs 845 or 0.58 per cent from the previous close of Rs 1,43,478. MCX gold was trading at Rs 1,42,100, down Rs 1,378 or 0.96 per cent. Meanwhile, silver futures (September 4) declined as much as 2.41 per cent or Rs 5,387 to an intraday low of Rs 2,17,277. At the last count, the white metal was trading at Rs 2,18,665, down Rs 3,999, or 1.80 per cent.

What are the latest gold rates?

The details of the prices recorded in major cities across the country on Friday morning are as follows. 

Delhi

24 carat: Rs 14,343 per gram
22 carat: Rs 13,149 per gram
18 carat: Rs 10,761 per gram

Mumbai

24 carat: Rs 14,328 per gram
22 carat: Rs 13,134 per gram
18 carat: Rs 10,746 per gram

Chennai

24 carat: Rs 14,345 per gram
22 carat: Rs 13,149 per gram
18 carat: Rs 10,969 per gram

Kolkata

24 carat: Rs 14,328 per gram
22 carat: Rs 13,134 per gram
18 carat: Rs 10,746 per gram

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 2,39,990. 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.