Gold Silver Price Today: Silver fell by more than Rs 3800, gold also fell, know what is the price today

Gold Silver Price Today: A decline was seen in the prices of gold and silver on Tuesday. Gold prices fell by more than Rs 800 per 10 grams on Multi Commodity Exchange (MCX) on Tuesday morning. Whereas silver prices fell by more than Rs 3,800 per kg. According to GoodReturns, gold prices also declined.

On Tuesday, crude oil prices rose after the US attack on Iran. This created fear of rising inflation. As a result, there was a decline in the prices of gold and silver.

On MCX, gold for May delivery was trading at Rs 158,231 per 10 grams, which was Rs 850 less. Also, silver for June delivery was trading at Rs 272,852 per kg, down by Rs 3,864.

On the other hand, according to GoodReturns, the price of 24 carat gold fell by Rs 490 per 10 grams to Rs 158,890. At the same time, the price of silver remained stable at Rs 2.85 lakh per kg.

Know the price of 24, 22 and 18 carat gold (Gold Silver Price Today)

24 carat gold was recorded at Rs 159040 per 10 grams in Delhi, Lucknow, Kanpur and Jaipur, while it stood at Rs 158890 in Mumbai and Kolkata. In Patna, Indore and Bhopal, 24 carat gold was seen trading at Rs 158940 per 10 grams.

Talking about 22 carat gold, it was Rs 145800 in Delhi, Lucknow, Kanpur and Jaipur. 145650 was recorded in Mumbai and Kolkata, while 145700 per 10 grams was recorded in Patna, Indore and Bhopal. In Chennai, 22 carat gold reached Rs 147810 per 10 grams.

There was variation in the prices of 18 carat gold also according to the cities. In Delhi, Lucknow, Kanpur and Jaipur it was 119320. Mumbai and Kolkata recorded 119170, while Patna, Indore and Bhopal recorded 119220. In Chennai, 18 carat gold was the highest at Rs 124010 per 10 grams.

Why did the decline occur? (Gold Silver Price Today)

1. American attack on Iran and rise in crude oil prices

US Central Command launched strikes targeting missile launch sites and suspected boats in southern Iran. As tensions escalated, crude oil prices rose more than 2%.

2. The relationship between inflation and interest rates

Rising prices of crude oil directly increase inflation. When inflation increases, central banks (such as the US Federal Reserve) keep interest rates higher for a longer period of time.

Although gold is generally considered a safe haven against inflation, higher interest rates increase the opportunity cost of holding non-yielding assets like gold, putting downward pressure on its demand and prices.

What are the prices according to IBJA?

According to Indian Bullion and Jewelers Association (IBJA) data, prices recorded on Monday evening showed an upward trend compared to the morning rates.

What are the rates in the bullion market?

Gold prices are updated in the evening in the bullion market of the national capital. Earlier on Monday, different trends were seen in the prices of gold and silver. Gold prices rose due to a weakening dollar and rising expectations of a possible peace deal between the US and Iran.

Meanwhile, silver prices remained unchanged. By the time the bullion market closed on Monday, gold had reached the level of Rs 1.65 lakh per 10 grams. On the other hand, silver remained steady at Rs 2,71,000 per kg.

Gold and silver trends in international market

In the international market on Tuesday, spot gold prices fell 0.7% to $4,537.54 an ounce, while US gold futures for June delivery were up a modest 0.3% at $4,538.50.

In other precious metals, spot silver fell 1.8% to $76.66 an ounce. Platinum fell 0.9% to $1,950.70, and palladium fell 1.1% to $1,382.42.

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