Gold-Silver Price On May 4: Yellow, White Metal Rates Fall; What Is The Price Today

New Delhi: Amidst the uncertainty spread in the global market due to the ongoing war between US and Iran, continuous changes are being seen in the prices of gold and silver. After three days, the prices started falling as soon as the market opened on Monday. The rate for 24 carat gold stands at Rs 1,50,640 per 10 grams and the price of silver is Rs 2,49,900 per kilogram on Monday. 

In the international market, spot gold was trading 0.3 per cent lower at $4,599.45 an ounce and spot silver rose 0.1 per cent to $75.38 an ounce.

The gold rate on Sunday 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 and silver prices across the country are seeing a significant drop today. On the Multi Commodity Exchange (MCX), silver prices fell 0.59 peer cent to Rs 2,49,457 per kilogram, while gold prices fell to Rs 1,50,720 per 10 grams. 

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,50,380 per 10 grams and 22-carat gold at Rs 1,37,848. Silver traded at Rs 2,65,000 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,50,640 per 10 grams and 22-carat gold at Rs 1,38,087. Silver traded at Rs 2,65,000 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,50,440 per 10 grams and 22-carat gold at Rs 1,37,903. Silver traded at Rs 2,65,000 per kg.

The following rates are as per 10 grams of gold:

Mumbai - Rs 1,50,640
Delhi - Rs 1,50,380
Bengaluru - Rs 1,50,760
Chennai - Rs 1,51,080
Hyderabad - Rs 1,50,880
Kolkata - Rs 1,50,440

The following rates are as per 1 kg of silver:

Mumbai - Rs 2,65,000
Delhi - Rs 2,65,000
Bengaluru - 2,65,000
Chennai - Rs 2,70,000
Hyderabad - Rs 2,70,000
Kolkata - Rs 2,65,000

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.