Gold-Silver Price On May 6: Slight decline in gold, silver rate; Check What You're Paying Today

New Delhi: Gold and silver are under pressure due to the strength of the US dollar and the rise in crude oil prices. On Wednesday, the shine of gold has faded for the third consecutive day. After one day's stability, silver has become cheaper for the third consecutive day. The rate for 24 carat gold stands at Rs 1,49,170 per 10 grams and the price of silver is Rs 2,54,900 per kilogram on Wednesday. 

In the international market, spot gold was up 1.3 per cent at $4,617.19 per ounce and spot silver rose 2.4 per cent to $74.60 per ounce.

The gold rate on Tuesday was Rs 1,49,180 per 10 gms, while the silver rate was Rs 2,55,000 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. According to the GoodReturns, the price of 24-carat gold fell by Rs 10 in early trade on Wednesday, with 10 grams  trading at Rs 1,49,170 and the rate of silver also declined by Rs 100 with 1 kilogram selling at Rs 2,54,900. 

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,49,220 per 10 grams and 22-carat gold at Rs 1,36,890. Silver traded at Rs 2,54,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,49,170 per 10 grams and 22-carat gold at Rs 1,36,740. Silver traded at Rs 2,54,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,49,170 per 10 grams and 22-carat gold at Rs 1,36,740. Silver traded at Rs 2,54,900 per kg.

The following rates are as per 10 grams of gold:

Mumbai - Rs 1,49,170
Delhi - Rs 1,49,220
Bengaluru - Rs 1,49,170
Chennai - Rs 1,50,760
Hyderabad - Rs 1,49,170
Kolkata - Rs 1,49,170

The following rates are as per 1 kg of silver:

Mumbai - Rs 2,54,900
Delhi - Rs 2,54,900
Bengaluru - Rs 2,54,900
Chennai - Rs 2,64,900
Hyderabad - Rs 2,64,900
Kolkata - Rs 2,54,900

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.