Gold-Silver Price On July 20: Will Yellow Metal Rates Continue To Move Down?

New Delhi: Gold and silver prices continue to fluctuate amid ongoing uncertainty and global developments in the international market. On Monday, yellow and white metal prices continue to remain volatile. 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?

Spot gold fell 0.4 per cent to $4,000.55 an ounce, while US gold futures for August delivery slipped 0.3 per cent to $4,005.9. Spot gold recorded a weekly decline of 2.5 per cent, while Comex gold futures fell 2.3 per cent during the same period.

What are the latest gold rates?

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

Delhi

24 carat: Rs 14,343 per gram
22 carat: Rs 13,144 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 10,949 per gram

Chennai

24 carat: Rs 14,328 per gram
22 carat: Rs 13,134 per gram
18 carat: Rs 10,949 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 2,34,900. 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 2,29,900. 

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.