Gold Silver Prices: Gold Remains Cheap For Third Consecutive Day, Silver Stable; Is It Time To Invest?

New Delhi: The precious metals gold and silver prices have been fluctuating steadily over the past few days. Currently, gold prices are steadily declining in the bullion markets, meaning gold has become cheaper. Silver prices are currently remaining stable.

Talking about gold prices, 1 gram of 24-carat gold costs Rs 16,287, down from Rs 16,288 a day earlier. Similarly, 10 grams now costs Rs 1,62,870, down from Rs 1,62,880 yesterday.

Spot gold price held its ground at $5,076.09 per ounce, and the US gold futures for April delivery rose 0.1% at $5,084.50. Spot silver price gained 0.1% to $82.26 per ounce.

The gold rate on Thursday was Rs 1,62,880 per 10 gms, while the silver rate was Rs 2,85,000 per 1 kg, according the Bullions website.

What is the price of gold and silver? 

Currently, gold and silver prices are constantly fluctuating in the bullion markets. Changes occurring internationally are also reflecting on gold and silver prices. The wedding season is also contributing to the constant fluctuation in gold and silver prices. 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 1,63,020 per 10 grams and 22-carat gold at Rs 1,49,440. Silver traded at Rs 2,84,900 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,62,870 per 10 grams and 22-carat gold at Rs 1,49,290. Silver traded at Rs 2,84,900 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,62,870 per 10 grams and 22-carat gold at Rs 1,49,290. Silver traded at Rs 2,84,900 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,62,870
• Delhi - Rs 1,63,020
• Bengaluru - Rs 1,62,870
• Chennai - Rs 1,64,940
• Hyderabad - Rs 1,62,870
• Kolkata - Rs 1,62,870

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,84,900
• Delhi - Rs 2,84,900
• Bengaluru - Rs 2,84,900
• Chennai - Rs 2,94,900 
• Hyderabad - Rs 2,94,900 
• Kolkata - Rs 2,84,900

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