Gold Silver Today: Gold prices fall amid tension in Middle East, condition of every city from Delhi-Mumbai to UP-Bihar

Today’s Gold and Silver Price: A big relief news has come for the buyers of gold and silver. There has been continuous fluctuation in the prices of gold and silver for the last several days. Meanwhile, today i.e. on May 18, a huge fall of Rs 747 has been recorded in the gold rate on Multi Commodity Exchange (MCX), after which gold has slipped to Rs 1,57,800 per 10 grams. Not only gold, but also silver has lost its shine today. The price of silver has fallen drastically by Rs 4,000 and is trading at Rs 2,67,901 per kg.

The condition of international market is also similar

Today, the prices of gold and silver are weak in the domestic market as well as in the international market. In the global market, the price of gold has fallen by 0.33 percent to $ 4,547 an ounce. Whereas, if we talk about silver, it is trading at $ 75,675 per ounce with a sharp fall of 2.41 percent. The direct effect of this slowdown at the global level is also visible in the bullion markets of the country.

Know what is the price of gold in your city today?

Today, a slight difference is being seen in the prices of gold in different big cities of the country. Let us know the latest rates of major cities:

• Delhi: Today in the bullion market of the country’s capital, the price of 24 carat gold is Rs 1,57,070 per 10 grams, while the price of 22 carat gold remains at Rs 1,43,990 per 10 grams.
• Mumbai and Kolkata: In the financial capital Mumbai and Kolkata, the rate of 24 carat gold is trading at Rs 1,56,920 per 10 grams and the price of 22 carat gold is trading at Rs 1,43,850 per 10 grams.
• Chennai: Gold prices in Chennai are slightly above other cities. Here the price of 24 carat gold has reached Rs 1,60,910 per 10 grams, while 22 carat gold is being sold at Rs 1,47,500 per 10 grams.
• Pune and Bengaluru: Today in these two cities, the price of 24 carat gold was recorded at Rs 1,56,920 per 10 grams and the price of 22 carat gold was recorded at Rs 1,43,840 per 10 grams.

Difference in silver prices between North and South India

If we talk about silver, then the price of silver in the bullion market of states and cities like Delhi, Mumbai, Kolkata, Ahmedabad including Uttar Pradesh, Bihar and Chandigarh is running at around Rs 2,79,900 per kg. In most of the states of North India, silver prices remain around this range.

In contrast, in South Indian cities like Chennai and Hyderabad, the rate of silver has reached around Rs 2,89,900 per kg. That means, silver prices still remain much higher in South India as compared to North India.

Why did the prices of gold and silver suddenly fall?

The biggest pressure on gold and silver prices at present is due to the increasing tension in the Middle East. In fact, a serious incident of fire was reported after a drone attack on a nuclear center in UAE, after which the prices of crude oil suddenly increased. Meanwhile, Saudi Arabia also claimed that it has shot down three dangerous drones in the air.

US President Donald Trump has also given a big statement on this entire matter and said that Iran needs to take some steps in this direction soon. In view of this increasing tension and the threat of inflation across the world, market experts hope that the central banks of different countries can still keep the interest rates high.

Since there is no direct interest on gold during such times, during high interest rates, investors leave gold and turn to other safe investment options. This is the reason why the demand for gold and silver has weakened a bit in the market at present and a decline is being seen in the prices.