Today’s Gold and Silver Rate: The fluctuating prices of gold and silver continue. Gold became cheaper by Rs 3400. At the same time, a fall of up to Rs 16,000 was seen in silver. Price volatility continues. On MCX, the price of gold fell by Rs 3,415 to Rs 1,38,800 per 10 grams. A decline of 2.4 percent was recorded. Whereas silver became cheaper by Rs 15,939 and came to Rs 2.49 lakh per kg. A decline of six percent was recorded in this.
Gold and silver prices declined in the international market
Spot gold slipped by about 4% in the international market in early trading on Monday, while silver also declined by around the same amount. However, after falling by 12%, silver remained above the level of $ 80 an ounce. Earlier in the session, silver had recorded the biggest intraday fall so far, which is considered to be the sharpest fall in the last 10 years.
What is the reason for the decline?
In the last one year, gold and silver prices had reached record highs, which surprised even experienced investors. This rise intensified in January, when investors turned to gold and silver as safe haven investments amid global tensions, weakening currencies and concerns about the independence of the US Federal Reserve.
The major reason for the recent decline is believed to be the news that came out on Friday, in which it was said that US President Donald Trump is planning to nominate Kevin Worsh as the Fed Chair. After this news, the dollar strengthened and the sentiment of those traders who were expecting a soft dollar weakened.
Gold price in domestic market
- In the country’s financial capital Mumbai, 24 carat gold is being sold at around ₹ 1,47,970 per 10 grams.
- Gold price in Kolkata is around ₹1,47,780.
- In Delhi, 24 carat gold was recorded at ₹1,47,720 per 10 grams.
- Gold prices remain the highest in cities of South India.
- Gold in Chennai ₹1,48,400,
- ₹1,48,210 in Hyderabad
- In Bangalore it is at the level of ₹ 1,48,090 per 10 grams.
price of silver in domestic market
- Silver prices also remain high in major cities.
- Silver has reached ₹ 2,66,020 per kg in Mumbai.
- Its price in Delhi is ₹ 2,65,560.
- Silver in Chennai ₹2,66,790,
- ₹2,66,440 in Hyderabad,
- ₹2,66,230 in Bangalore
- And is trading at around ₹2,65,660 per kg in Kolkata.