Gold-Silver Price On May 15: Gold Crosses Rs 1.64 Lakh Mark; Know What Is the Rate Today

New Delhi:  The Indian bullion market is witnessing a historic surge following rising geopolitical tensions between Iran and the US and the central government's decision to increase the import duty on gold and silver from 5 per cent to 15 per cent. Gold and silver has become more expensive in the country. The rate for 24 carat gold stands at Rs 1,62,340 per 10 grams and the price of silver is Rs 2,99,900 per kilogram on Friday.

In the international market, spot gold dropped 0.6 per cent to $4,619.49 per ounce and spot silver is at $ 87.04 per ounce.

The gold rate on Thursday was Rs 1,62,330 per 10 gms, while the silver rate was Rs 3,00,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

The price of gold and silver has increased in most of the cities on Friday. After the increase in import duty, instead of getting cheaper, gold is becoming more expensive. According to the GoodReturns, the price of 24-carat gold increased by Rs 10 in early trade on Friday, with 10 grams trading at Rs 1,62,340 and the rate of silver declined by Rs 100 with 1 kilogram selling at Rs 2,99,900.

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,62,270 per 10 grams and 22-carat gold at Rs 1,48,960. Silver traded at Rs 2,99,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,62,340 per 10 grams and 22-carat gold at Rs 1,48,810. Silver traded at Rs 2,99,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,62,340 per 10 grams and 22-carat gold at Rs 1,48,810. Silver traded at Rs 2,99,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,62,340
• Delhi - Rs 1,62,270
• Bengaluru - Rs 1,62,340
• Chennai - Rs 1,64,190
• Hyderabad - Rs 1,62,340
• Kolkata - Rs 1,62,340

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,99,900
• Delhi - Rs 2,99,900
• Bengaluru - Rs 2,99,900
• Chennai - Rs 3,14,900
• Hyderabad - Rs 3,14,900
• Kolkata - Rs 2,99,900

What did PM Modi say?

Prime Minister Narendra Modi has appealed to the people of the country to do many things like not buying gold for a year, reducing the use of crude oil, reducing the use of oil in cooking, postponing non-essential foreign travel, reducing fuel consumption etc. He has said that a huge amount of foreign currency is being spent to buy crude oil. At such a time, all the citizens of the country should take a step, which will reduce the increasing pressure on the country to some extent. After the appeal of Prime Minister Narendra Modi, the gold business in India seems to be affected. Businessmen and employees have started worrying about profits and employment.

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.