Gold-Silver Price On June 12: Gold and Silver Prices Drop; Check What You're Paying Today

New Delhi: Gold prices, which have been skyrocketing for some time now, are now falling to a new record level. Domestically, gold and silver prices fell sharply on Friday. According to market experts, the price of gold has fallen by up to Rs 7,500 in just the last three days.

What are the latest gold rates?

According to the current market trend, gold prices are trading in the same way in major cities of the country like Hyderabad, Mumbai and Bangalore. In these cities, the price of 10 grams of 22 carat gold used for making jewelry continues to be at Rs 1,33,490. Similarly, the price of 10 grams of 24 carat gold of the highest purity is trading at Rs 1,45,630. 

What about Delhi?

When it comes to the national capital, the prices are slightly higher there. While the price of 22 carat gold is trading at Rs 1,33,640, the price of 24-carat gold continues to be at Rs 1,45,780. Similarly, in Chennai, the largest market in South India, the price of gold is slightly higher than all the cities. In Chennai, the price of 10 grams of 22-carat gold is trading at Rs 1,34,990, while the price of 24 carat is trading at Rs 1,47,270. There are slight differences in these prices due to local taxes and transportation costs.

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 2,59,900. 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 2,49,900. This means that there is an additional Rs 10,000 on a kilo of silver in the southern cities.

Gold prices in the international market have suddenly fallen to their lowest level in the last six months. Due to the US-Iran conflict, crude oil prices have suddenly increased by almost two percent in the international market. There is a risk that inflation will increase further due to the increase in oil prices worldwide. 

Why 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.

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.