Business Desk – Gold-Silver Price Today: There is a decline in the prices of gold and silver on Monday, August 31. In the domestic commodity market, gold fell 1.15% to Rs 1,54,478 per 10 grams. At the same time, by 7:45 am in the international market Comex, the price of gold fell by 1.04% to $ 4,482.80 an ounce. This softening of prices during the festive season can provide relief to those buying gold and silver.
Gold and silver fall on MCX
On Friday, gold fell 1.63% on MCX and closed at Rs 1,56,400 per 10 grams. It remained weak on Monday also. Similarly, silver fell 1.10% and opened at Rs 2,39,782 per kg. The price of silver in Comex fell by 1.71% to $ 65.850 an ounce.
According to Bullions.co.in, the price of gold is Rs 1,56,850 per 10 grams and silver is Rs 2,42,190 per kg. On Friday, silver closed at Rs 2,36,651 per kg on MCX.
Gold prices according to IBJA
According to the Indian Bullion Jewelery Association (IBJA), on the last trading day, 999 purity gold closed at Rs 15,839 per gram, 22 carat gold at Rs 15,459, 20 carat gold at Rs 14,096 and 18 carat gold at Rs 12,829 per gram.
Price of 24, 22 and 18 carat gold in big cities
According to GoodReturns, the price of 24 carat gold in major cities on Monday ranged between Rs 15,823 to Rs 15,838 per gram. 24 carat gold in Delhi is Rs 15,838 per gram, while in Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad it is Rs 15,823 per gram.
The price of 22 carat gold is Rs 14,519 per gram in Delhi and Rs 14,504 per gram in Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad. The price of 18 carat gold is Rs 11,882 per gram in Delhi, while it is Rs 11,867 per gram in Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad. In Vadodara, 24 carat is Rs 15,828, 22 carat is Rs 14,509 and 18 carat is Rs 11,872 per gram.
silver price today
Talking about cities, silver in Chennai is at Rs 2,59,900 per kg. Its price in Mumbai, Delhi, Kolkata and Bengaluru is said to be Rs 2,54,900 per kg.
Why did gold and silver fall?
The expectations regarding the interest rates of the US Federal Reserve are being considered as the main reason behind the fall in gold and silver. Selling in the bullion market has increased due to fears of a tough stance on interest rates in view of rising inflation. After reaching higher levels, profit booking is also being seen from investors.
Now the market is eyeing the US Labor Market Data to be released in the beginning of September. These data may give indications regarding interest rates in the next meeting of the Federal Reserve. Its direct impact can be seen on the prices of gold and silver.