Gold-Silver Prices Today: Big fall in gold and silver, know what is the going rate in your city

Business Desk- Gold-Silver Prices Today: A decline was seen in the prices of gold and silver on Saturday. In the country’s financial capital Mumbai, the price of 24 carat gold was running at Rs 157,900 per 10 grams. The price of 22 carat gold was Rs 144,740 per 10 grams. These rates do not include GST or making charges.

Signs of weakness in gold were also seen in the international market. It declined by 2.22 percent and was trading at $4,574 an ounce. Since the increase in tension between America and Iran, there has been a huge fall in the prices of gold.

Fall in gold and silver futures prices on MCX

On May 15, the futures prices of gold and silver on commodity exchange MCX also closed with a huge fall. Gold futures fell 2.18 percent or Rs 3,528 to close at Rs 158,450 per 10 grams.

Silver futures closed at Rs 271,226 per kg, registering a huge fall of 6.83 percent or Rs 19,876. MCX remains closed on Saturday and Sunday. Silver prices also fell in the international market; The price fell to $80 an ounce. It was trading at $75.74 an ounce, showing a decline of 9.18 percent.

Due to continuous fall in gold and silver prices

There are many reasons for the fall in gold and silver prices. Crude oil prices still remain at high levels. The price of Brent crude remains around $110 per barrel. Due to this, there is a danger of increasing inflation across the world including America.

If inflation increases in America, the Federal Reserve, the central bank there, can increase interest rates. When interest rates rise, the attractiveness of gold decreases. The second reason is that the US dollar index is currently showing strength. The strengthening of the dollar has a negative impact on gold prices.

The reason for this is that it becomes expensive to buy gold in other currencies. As a result, the prices of both gold and silver are witnessing a continuous decline. Since the start of hostilities between the US and Iran on February 28, the price of gold has fallen by about 13 percent.