Gold-Silver Price On May 1: Gold Shines On Labour Day, Silver Slips; What Is The Rate Today

New Delhi: Amidst the uncertainty spread in the global market due to the ongoing war between America and Iran, the shine of gold has increased today on 1st May i.e. Labor Day. After a slight rise, gold has become cheaper today. On Friday, the rate for 24 carat gold stands at Rs 1,50,670 per 10 grams and the price of silver is Rs 2,49,900 per kilogram. 

Spot gold was unchanged at $4,622.41 per ounce, after rising more than 2 per cent in the previous session and spot silver rose 0.8 per cent to $74.34 per ounce.

The gold rate on Thursday was Rs 1,50,660 per 10 gms, while the silver rate was Rs 2,50,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

Gold prices recovered from a one-month low and rose marginally on Thursday, supported by a weaker dollar and easing US bond yields. After three days of stability, silver prices have weakened for the third consecutive day on Friday. 

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,50,820 per 10 grams and 22-carat gold at Rs 1,38,260. Silver traded at Rs 2,49,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,50,670 per 10 grams and 22-carat gold at Rs 1,38,110. Silver traded at Rs 2,49,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,50,670 per 10 grams and 22-carat gold at Rs 1,38,110. Silver traded at Rs 2,49,900 per kg.

The following rates are as per 10 grams of gold:

Mumbai - Rs 1,50,670
Delhi - Rs 1,50,820
Bengaluru - Rs 1,50,670
Chennai - Rs 1,53,830
Hyderabad - Rs 1,50,670
Kolkata - Rs 1,50,670

The following rates are as per 1 kg of silver:

Mumbai - Rs 2,49,900
Delhi - Rs 2,49,900
Bengaluru - 2,49,900
Chennai - Rs 2,70,100
Hyderabad - Rs 2,70,100
Kolkata - Rs 2,49,900

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.