Gold-Silver Price: Precious metals witness major jump; Gold reaches 1.54 lakh per 10 gm

New Delhi: Amid talks to settle the Middle East conflict and after US President Donald Trump's announcement that there would be a two-week ceasefire against Iran, Gold and silver prices saw a major spike. The rate for 24 carat gold stands at Rs 1,53,830 per 10 grams and the price of silver is Rs 2,60,100 per kilogram on Thursday.

In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.

The gold rate on Wednesday was Rs 1,53,820 per 10 gms, while the silver rate was Rs 2,60,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

Since the start of the US-Iran war, gold and silver have been fluctuating. After US and Iran agreed to a two-week ceasefire, gold climbed Rs 3,200 to Rs 1.53 lakh per 10 grams and silver prices spiked Rs 11,000 to Rs 2.60 lakh per kg 

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,53,980 per 10 grams and 22-carat gold at Rs 1,41,160. Silver traded at Rs 2,60,100 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,53,830 per 10 grams and 22-carat gold at Rs 1,41,010. Silver traded at Rs 2,60,100 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,53,830 per 10 grams and 22-carat gold at Rs 1,41,010. Silver traded at Rs 2,60,100 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,53,830
• Delhi - Rs 1,53,980
• Bengaluru - Rs 1,53,830
• Chennai - Rs 1,54,920
• Hyderabad - Rs 1,53,830
• Kolkata - Rs 1,53,830

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,60,100
• Delhi - Rs 2,60,100
• Bengaluru - 2,60,100
• Chennai - Rs 2,65,100
• Hyderabad - Rs 2,65,100
• Kolkata - Rs 2,60,100

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.