Gold-Silver Prices: Yellow, White Metal Rates Slip; Check What You're Paying In Your City

New Delhi: The prices of precious metals, gold and silver, declined in the domestic futures market on Thursday amid US, Israel and Iran war. The silver prices fell 1.5 per cent and gold prices also weakened. The rate for 24 carat gold stands at Rs 1,54,640 and the price of silver is Rs 2,60,000 per kilogram.

In the international markets, spot gold rose 0.7 percent to $4,851.43 per ounce during Asian trading hours. Spot silver also rose 1.5 per cent to $76.52 per ounce.

The gold rate on Wednesday was Rs 1,57,420 per 10 gms, while the silver rate was Rs 2,65,000 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 Thursday.

The precious metals saw no major movements, in Delhi the 24-carat gold was priced at Rs 1,52,060 per 10 grams and 22-carat gold at Rs 1,39,400. Silver traded at Rs 2,60,000 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,51,910 per 10 grams and 22-carat gold at Rs 1,39,250. Silver traded at Rs 2,60,000 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,51,910 per 10 grams and 22-carat gold at Rs 1,39,250. Silver traded at Rs 2,60,000 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,51,910 
• Delhi - Rs 1,52,060
• Bengaluru - Rs 1,51,910
• Chennai - Rs 1,56,000
• Hyderabad - Rs 1,51,910
• Kolkata - Rs 1,51,910

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,60,000
• Delhi - Rs 2,60,000 
• Bengaluru - Rs 2,60,000
• Chennai - Rs 2,65,000
• Hyderabad - Rs 2,65,000
• Kolkata - Rs 2,60,000

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.