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HomeEconomyBusinessGold, silver prices slump: Know the latest rates

Gold, silver prices slump: Know the latest rates

While low demand saw the gold and silver prices drop in India, the prices rose in the international market due to the US-China trade war

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On Friday, the of gold fell by Rs 200 to Rs 39,470 per 10 g in the two-and-a-half-hour low in Delhi sarafa market due to lack of demand from jewellery buyers.

The of silver fell too, by Rs 985 to Rs 45,850 per kg due to lower industrial offtake, which is a five-week low. The prices of both the precious metals have registered a decline for the fourth consecutive day.

The of gold in foreign markets remained almost unchanged today. Gold spot fell by $ 0.40 to $ 1,468.15 an ounce. However, the expectation of a rise in the demand for gold in the US in December made the price rise by $ 2.10 to $ 1,468.50 an ounce.

Market analysts said the yellow metal was under pressure on hopes of a trade war between the US and China. Due to this, it has had the biggest weekly decline of two-and-a-half years in the current week. Officials had said on Thursday that the US and China could withdraw cuts after the first phase of the settlement.

The silver spot in the international market was $ 0.10, at $ 16.97 an ounce.

In the local market, the gold standard fell by Rs 200 to Rs 39,470 per 10 g, the lowest level since 22 October. Sona Bitur (guinea) became equally weak and sold at Rs 39,300 per 10 g. Sovereign remained unchanged at Rs 30,300 per piece of 8 g.

The silver spot fell by Rs 985 to Rs 45,850 per kg, the lowest level since October 01, due to weak industrial demand for silver. Silver futures dipped by Rs 1,379 to Rs 44,280 per kg. Coin buying and selling remained stable at Rs 920 and Rs 930 per unit respectively.

Current prices of gold, silver

Gold standard per 10 g: Rs 39,470

Guinea per 10 g: 39,300

Silverspot per kg: Rs 45,850

Silver futures per kg: Rs 44,280

Coin buying per unit: Rs 920

Coin selling per unit: Rs 930

Sovereign per 8 g: Rs 30,300

Why these prices fluctuate

Like for most commodities, the of gold is driven by supply and demand, including speculative demand. However, unlike most other commodities, saving and disposal play larger roles in affecting its price than its consumption. Most of the gold ever mined still exists in an accessible form such as bullion and mass-produced jewellery, with little value over its fine weight — so it is near as liquid as bullion, and can come back onto the gold market.

At the end of 2006, it was estimated that all the gold ever mined totalled 1,58,000 tonnes. Investor Warren Buffett has said that the total amount of gold in the world that is above ground could fit into a cube with sides of just 20 metres (66 ft) (which is roughly consistent with 158,000 tonnes based on the specific gravity of 19.3).

With inputs from the World Gold Council

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माननीय प्रधानमंत्री जी,

2018 में आपने कहा था कि कालाधन और बेनामी लेनदेन समाप्त करने के लिए आधार को संपत्ति से लिंक किया जाएगा

यदि 50,000₹ से अधिक लेनदेन पर आधार अनिवार्य करने के लिए कानून बन गया होता तो न शाहीन बाग होता, न दिल्ली दंगा और न किसान आंदोलन

@PMOIndia @narendramodi

गेस्ट हाउस कांड वालों के मुंह से दलितों के हित की बात अच्छी नहीं लगती

आप ही के अब्बाजान और उनके गुंडो ने मायावती जी पर हमला करवाया था ना ?

आपकी जानकारी हेतु प्रयागराज (इलाहाबाद नहीं) घटना पर पोलिस अपनी कार्यवाही तेजी से कर रही है । शायद यह दबंग भी आप ही के न हो ।

Akhilesh Yadav@yadavakhilesh

इलाहाबाद के फाफामऊ में दबंगों के द्वारा 4 दलितों की हत्या दलित विरोधी भाजपा सरकार पर एक और बदनुमा दाग़ है।

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