Gold Silver Prices today: Amid ease in Middle East tension after the announcement of a ceasefire in south Gaza by the US, Egypt, and Israel, the gold price rally took a pause during morning deals and opened lower at ₹59,209 per 10 gm levels.
Gold Silver prices drifted further down after a weak opening and hit an intraday low of ₹58,944 levels. In the international market, the gold price is sustaining above $1,900 per ounce levels as well.
According to commodity market experts, gold prices are under pressure today as tension in the Middle East has eased after the announcement of a ceasefire in south Gaza by the US, Egypt, and Israel. They said that the recent rise in gold prices was mainly due to the Israel-Hamas war. They said that the gold price on MCX has immediate support at ₹58,750 to ₹58,700 levels whereas it is facing a hurdle at ₹59,500 levels. On breaching the lower levels, the gold price will find support at ₹58,250 to ₹58,300 levels on MCX and at $1,880 levels in the international market.
Before knowing gold rates in India, it is important to know the difference between 24-carat and 22-carat gold. While 24-carat gold is a 100 percent pure form of gold with no trace of any other metal, 22-carat gold has traces of alloyed metals like silver or copper and is 91.67 percent pure gold.
FACTORS AFFECTING GOLD PRICES IN INDIA
There are several factors that affect gold rates in India including fluctuations in the global market to the strength of the USD, import costs, interest rates on banks’ fixed deposits, economic stability, seasonal prices, inflation, and demand-supply, among others.