Kolkata: Gold prices have been in focus for the past couple of years due to a sustained bull run. Let’s find out the price of gold and silver in major Indian cities this morning. The focus has now swung back to the yellow metal after PM Narendra Modi urged Indians not to buy gold for the coming one year. His logic has been to avoid any downward pressure on the value of rupee. The connection between buying gold and the value of the rupee is explained by the fact that a huge amount of gold is imported in India every year. In fact, it is the second most valueable item in India’s import bill every year after crude oil.
Gold rates in your city
The following rates are of 10 gms of 24 carat of gold
Mumbai: Rs 1,54,050
Delhi: Rs 1,53,780
Kolkata: Rs 1,53,840
Chennai: Rs 1,54,500
Bengaluru: Rs 1,54,170
Hyderabad: Rs 1,54,290
Silver rates in your city
The following rates are of 1 kg of silver of 999 fineness
Mumbai: Rs 2,78,190
Delhi: Rs 2,77,710
Kolkata: Rs 2,77,820
Chennai: Rs 2,79,000
Bengaluru: Rs 2,78,410
Hyderabad: Rs 2,78,630
West Asia situation, the key factor
The international spot price of the yellow metal was trading 0.21% higher at $4,738 per ounce, said reports. Silver too climbed up — it moved 1.11% up and touched $86.90 per ounce. These were gleaned from early Comex trade amid the persisting uncertainty of the US-Iran conflict. The domestic futures price of gold closed the Monday session 0.06% higher and touched Rs 1,53,750 per 10 grams from its previous close. Silver prices rose 5.88 percent higher on MCX. Analysts have said that the price of both gold and silver will be significantly influenced by global uncertainty. The situation in West Asia and the conflict between the US and Iran will be a key factor since it is the most important factor controlling the supply and price of global energy prices.
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