Gold-Silver Price On May 8: Precious metals witness slight increase; What Is The Rate Today?

New Delhi: The rise in the price of gold  and silver in the country continues. This was driven by a decline in the dollar and softening crude oil prices amid hopes of a US-Iran peace deal. The rate for 24 carat gold stands at Rs 1,53,010 per 10 grams and the price of silver is Rs 2,70,100 per kilogram on Thursday.

The COMEX gold price on Friday is around 0.50 per cent higher at $4,735 per ounce, whereas the COMEX silver rate is around 0.50 per cent higher at $80.55/oz.

The gold rate on Wednesday was Rs 1,53,000 per 10 gms, while the silver rate was Rs 2,70,000 per 1 kg, according the Bullions website.

What is the price of gold and silver?

Gold and silver prices across the country are seeing a significant rise today. According to the GoodReturns, the price of 24-carat gold increased by Rs 10 in early trade on Friday, with 10 grams  trading at Rs 1,53,010 and the rate of silver also increased by Rs 100 with 1 kilogram selling at Rs 2,70,100.

The precious metals saw a major movement, in Delhi the 24-carat gold was priced at Rs 1,53,160 per 10 grams and 22-carat gold at Rs 1,40,410. Silver traded at Rs 2,70,100 per kg.

In Mumbai, the 24-carat gold was priced at Rs 1,53,010 per 10 grams and 22-carat gold at Rs 1,40,260. Silver traded at Rs 2,70,100 per kg.

In Kolkata, the 24-carat gold was priced at Rs 1,53,010 per 10 grams and 22-carat gold at Rs 1,40,260. Silver traded at Rs 2,70,100 per kg.

The following rates are as per 10 grams of gold:

• Mumbai - Rs 1,53,160
• Delhi - Rs 1,53,010
• Bengaluru - Rs 1,53,010
• Chennai - Rs 1,53,840
• Hyderabad - Rs 1,53,010
• Kolkata - Rs 1,53,010

The following rates are as per 1 kg of silver:

• Mumbai - Rs 2,70,100
• Delhi - Rs 2,70,100
• Bengaluru - Rs 2,70,100
• Chennai - Rs 2,74,900
• Hyderabad - Rs 2,74,900
• Kolkata - Rs 2,70,100

Why there is change in the rates?

According to analysts, the major reasons behind changes are:

• International market pricing, import fees, taxes
• Blockage of the Strait of Hormuz
• Weakness in the prices of gold and silver in the international market.
• The strengthening of the US dollar, which put pressure on demand for precious metals.
• When the dollar strengthens, spending by foreign buyers increases and this reduces demand for safe investments like gold and silver.

How much lower are the prices from their record highs?

Gold and silver touched their record highs on January 29. According to MCX, the record high level for gold is Rs 1.93 lakh, while the record high price for silver is Rs 4.20 lakh.