Gold and silver prices fell up to 2% on Thursday as a stronger dollar and rate hike expectations outweighed safe-haven demand amid US-Iran war tensions.
Gold prices continue to fluctuate amid the ongoing US war against Iran, causing uncertainty across global markets. On Thursday, gold and silver prices traded lower, falling by up to 2 per cent as a stronger US dollar and rising expectations of higher US interest rates outweighed safe-haven demand amid escalating tensions between the US and Iran.
On the Multi Commodity Exchange (MCX), gold futures (August 5) opened at Rs 1,42,633, down Rs 845 or 0.58 per cent from the previous close of Rs 1,43,478, according to news agency IANS.
The yellow metal fell as much as 1.33 per cent or Rs 1,921 to an intraday low of Rs 1,41,557 at around 10 am. At the last count, MCX gold was trading at Rs 1,42,100, down Rs 1,378 or 0.96 per cent. So far in the session, it has touched an intraday high of Rs 1,42,633.
Silver Also Declines Amid Market Uncertainty
Silver futures (September 4) declined as much as 2.41 per cent or Rs 5,387 to an intraday low of Rs 2,17,277. At the last count, the white metal was trading at Rs 2,18,665, down Rs 3,999, or 1.80 per cent. It recorded an intraday high of Rs 2,18,844.
Gold Rates in Major Indian Cities
At present, gold rates in New Delhi are Rs 14,373 (24K), Rs 13,176 (22K), and Rs 10,783 (18K) per gram. Gold rates in Mumbai are Rs 14,358 (24K), Rs 13,161 (22K), and Rs 10,768 (18K) per gram. Gold rates in Chennai are Rs 14,379 (24K), Rs 13,181 (22K), and Rs 11,001 (18K) per gram. Gold rates in Kolkata are Rs 14,358 (24K), Rs 13,161 (22K), and Rs 10,768 (18K) per gram.
Gold rates in Bangalore are Rs 14,358 (24K), Rs 13,161 (22K), and Rs 10,768 (18K). Gold rates in Hyderabad are Rs 14,358 (24K), Rs 13,161 (22K), and Rs 10,768 (18K). Gold rates in Kerala are Rs 14,358 (24K), Rs 13,161 (22K), and Rs 10,768 (18K).
Factors Influencing Gold Prices
Gold pricing in India is determined by both global and local factors. The international price of gold, the US dollar’s strength, and local jewelry consumption, especially around holidays, all determine gold’s intrinsic value.
Currently, the price of silver in India is Rs 234.90 per gram and Rs 2,34,900 per kilogram. Although often less expensive than gold, silver remains a common choice for investors and jewelry buyers. The price of silver depends on the global market, as demand for industrial use and manufacturing also plays a large part in price fluctuations.