Gold-Silver Prices: Gold Prices Slip, Here's What You're Paying Today Across Cities

New Delhi: On Monday, a slight decline was seen in the prices of gold and silver in the domestic futures market. On COMEX, gold futures fell $56.70, or 1.12 per cent, to $5,005 an ounce, while silver fell $1.738, or 2.14 per cent, to $79.605 an ounce. The rate for 24 carat gold stands at Rs 1,59,650 and the price of silver is Rs 2,74,900 per kilogram.

In the international markets, spot gold fell more than 1 per cent slipping below $5,000 level during Asian trading hours. Spot silver also fell 2.23 per cent to $79.5 per ounce.

The gold rate on Sunday was Rs 1,59,660 per 10 gms, while the silver rate was Rs 2,75,000 per 1 kg, according the Bullions website.

What is the price of gold and silver? 

Gold and silver prices in the opening saw a slight rise on Monday. 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 1,59,800 per 10 grams and 22-carat gold at Rs 1,46,490. Silver traded at Rs 2,74,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,59,650 per 10 grams and 22-carat gold at Rs 1,46,340. Silver traded at Rs 2,74,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,59,650 per 10 grams and 22-carat gold at Rs 1,46,340. Silver traded at Rs 2,74,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,59,650
• Delhi - Rs 1,59,800
• Bengaluru - Rs 1,59,170
• Chennai - Rs 1,61,010
• Hyderabad - Rs 1,59,170
• Kolkata - Rs 1,59,650

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,74,900
• Delhi - Rs 2,74,900 
• Bengaluru - Rs 2,74,900
• Chennai - Rs 2,79,900
• Hyderabad - Rs 2,79,900
• Kolkata - Rs 2,74,900

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.