Kolkata: In early trade on May 19 in the global markets, the price of gold was marginally higher as analysts tracked the West Asia crisis and elevated crude oil prices apart from the strength of the US dollar. International spot gold traded 0.02% higher at $4,558.90 per ounce, while silver edged 0.28% lower at $77.22 per ounce in early Comex trade. On Monday, the spot gold price in Indian markets closed at Rs 1,57,392 per 10 grams of 24-karat purity. Gold futures for the June contract closed 0.07% lower at Rs 1,59,285 per 10 grams, while silver futures for July contract edged down 0.02% to reach Rs 2,76,600 per kilogram. As things stand now, the condition of the US–Iran conflict, the position of the Indian rupee against the US dollar and mainly influence the prices of both gold and silver in bullion markets.
Gold price in major Indian cities
Mumbai: Rs 1,59,680 (10 gms of 24 carat gold)
Delhi: Rs 1,59,410
Kolkata: Rs 1,59,470
Chennai: Rs 1,60,150
Bengaluru: Rs 1,59,810
Hyderabad: Rs 1,59,940
It can be observed from the above data that the highest prices are noticed in the markets in the southern cities. Chennai leads the metros with a peak price of Rs 1,60,150 of gold, while Hyderabad and Bengaluru follow closely.
Silver price in major Indian cities
Mumbai: Rs 2,76,670 (price of 1 kg of 999 fineness)
Delhi: Rs 2,76,190
Kolkata: Rs 2,76,300
Chennai: Rs 2,77,470
Bengaluru: Rs 2,76,890
Hyderabad: Rs 2,77,110
There is a difference in gold and silver demand. The demand for silver is witnessed in at least three industrial sectors that are promising for the future. These are solar power and solar panels, electric vehicles and high performance electronics such as data centre equipment. Mainly due to strong demand from the industry, analysts maintain a long-term positive outlook on the white metal. In comparison, gold has very little industrial demand.
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