Gold-Silver Prices: Yellow Metal Prices Rise; Here's What You're Paying Today Across Cities

New Delhi: Amid the crisis in the Middle East, the gold prices rose on Tuesday after the news from US President Trump indicates that the conflict with Iran could be "possibly be nearing its end". The precious metals also opened sharply higher on the Multi-Commodity Exchange of India (MCX). 

In the international markets, spot gold rose about 1 per cent to $5,145 per ounce during Asian trading hours. Spot silver climbed around 4 per cent to $87.9 per ounce.

The gold rate on Monday was Rs 1,61,680 per 10 gms, while the silver rate was Rs 2,80,000 per 1 kg, according the Bullions website.

What is the price of gold and silver? 

Gold and silver prices opened sharply higher on the MCX on Tuesday. However, despite this rebound, the gold and silver are still trading significantly lower than their peak levels.

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,62,530 per 10 grams and 22-carat gold at Rs 1,49,000. Silver traded at Rs 2,90,000 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,62,380 per 10 grams and 22-carat gold at Rs 1,48,850. Silver traded at Rs 2,90,000 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,62,380 per 10 grams and 22-carat gold at Rs 1,48,850. Silver traded at Rs 2,90,000 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,62,380
• Delhi - Rs 1,63,790
• Bengaluru - Rs 1,62,380
• Chennai - Rs 1,64,180
• Hyderabad - Rs 1,62,380
• Kolkata - Rs 1,62,380

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,90,000
• Delhi - Rs 2,90,000 
• Bengaluru - Rs 2,90,000
• Chennai - Rs 3,00,000
• Hyderabad - Rs 3,00,000
• Kolkata - Rs 2,90,000 

Why there is change in rates?

According to analysts, the major reasons behind changes are:

• 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.
• Speeding up the process of withdrawing profits by investors.
• 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.