Gold-Silver Price On May 18: Yellow, White Metal Rates Fall; Know What Is The Price Today

New Delhi: Rising Middle East tensions and a surge in crude oil prices have put pressure on price of gold and silver. The prices are fluctuating constantly these days, surprising investors. The rise in the price of gold in the country has come to a halt. The price of 24-carat gold on Monday has come down to Rs 1,56,920 per 10 grams. 

In the international market, spot gold declined 1.1 per cent to $4,488.99 per ounce and spot silver is at $78.21 per ounce. 

What is the price of gold and silver?

These days, gold and silver prices are fluctuating constantly, surprising investors. Gold and silver prices are fluctuating in the international market even today.

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,57,070 per 10 grams and 22-carat gold at Rs 1,43,990. Silver traded at Rs 2,79,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,56,920 per 10 grams and 22-carat gold at Rs 1,43,840. Silver traded at Rs 2,79,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,56,920 per 10 grams and 22-carat gold at Rs 1,43,840. Silver traded at Rs 2,79,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,56,920
• Delhi - Rs 1,57,070
• Bengaluru - Rs 1,56,920
• Chennai - Rs 1,60,900
• Hyderabad - Rs 1,60,900
• Kolkata - Rs 1,56,920

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,79,900
• Delhi - Rs 2,79,900
• Bengaluru - Rs 2,79,900
• Chennai - Rs 2,89,900
• Hyderabad - Rs 2,89,900
• Kolkata - Rs 2,79,900

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.