Gold-Silver Prices: Gold Falls By Rs 13,690 In A Week, Silver Slips By Rs 30,000; What Is Latest Price?

New Delhi: The price of precious metals, gold and silver, has declined in the domestic futures market in a week. The price of 24 carat gold has become cheaper by Rs 13,690 in a week. On Sunday, the rate for 24 carat gold stands at Rs 1,45,970 and the price of silver is Rs 2,45,000 per kilogram.

On Friday, in the international markets, spot gold plunged 3.5 per cent to hit $4,488 per ounce during Asian trading hours, marking its weakest weekly decline since 1983. Spot silver closed last week at $67.5 per ounce after falling by over 7.1 per cent on March 20.

The gold rate on Saturday was Rs 1,45,970 per 10 gms, while the silver rate was Rs 2,45,000 per 1 kg, according the Bullions website.

What is the price of gold and silver? 

As the festival occasions, like Navratri, Eid, Ugadi, Gudi Padwa, are round the corner, the prices of the yellow and white metal saw decline on Sunday.

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,46,120 per 10 grams and 22-carat gold at Rs 1,33,950. Silver traded at Rs 2,45,000 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,45,970 per 10 grams and 22-carat gold at Rs 1,33,800. Silver traded at Rs 2,45,000 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,45,970 per 10 grams and 22-carat gold at Rs 1,33,800. Silver traded at Rs 2,45,000 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,45,970 
• Delhi - Rs 1,46,120
• Bengaluru - Rs 1,45,970
• Chennai - Rs 1,48,580
• Hyderabad - Rs 1,45,970
• Kolkata - Rs 1,45,970

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,45,000
• Delhi - Rs 2,45,000 
• Bengaluru - Rs 2,45,000
• Chennai - Rs 2,50,000
• Hyderabad - Rs 2,50,000
• Kolkata - Rs 2,45,000

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.