By Admin 
- Gold prices fell today due to global tensions and profit booking.
- In the domestic market, gold became cheaper by ₹ 1100, at ₹ 1,46,170.
- Silver price increased today due to increase in industrial demand.
Gold-Silver Rate Today on July 24: Today a decline is being seen in the prices of gold. Due to rising crude oil prices globally and increasing geopolitical tension in the Middle East, investors have booked profits at yesterday’s high levels, hence the prices have fallen today.
Yesterday in the international market, gold had crossed two-week high of $ 4100 per ounce, which is today trading at $ 4052.50 per ounce with a decline of about 1-2%.
How much did prices fall?
In the domestic bullion market, gold prices have slipped by Rs 1100 from yesterday’s high level of Rs 1,47,280 per 10 grams to Rs 1,46,170. The price of 22 carat has also fallen by Rs 1,010 to Rs 1,33,990 from yesterday’s Rs 1,35,000. 18 carat gold has also become cheaper by Rs 830 and today reached the level of Rs 1,09,630 per 10 grams.
Why did gold become cheaper?
Due to tensions between America and Iran and Houthi attacks on ships in the Red Sea, crude oil has crossed $ 100 per barrel. Due to oil becoming expensive, there is a fear of increasing inflation at the global level. In such a situation, investors are withdrawing their profits by selling assets like gold and are giving priority to keeping cash with them, due to which the prices of gold are coming down.
On top of this, the chances of the US Federal Reserve increasing interest rates to control rising inflation have increased. The market expects interest rates to increase in September. When interest rates rise, people are reducing their investments in non-interest bearing assets like gold.
The silver shine remains intact
Silver for September contract on Multi Commodity Exchange (MCX) is at the level of Rs 2,27,180 per kg. This shows that even amidst the global crisis, investors are betting on silver in view of industrial demand. Even in the domestic retail market, silver prices have reached Rs 2,39,900 per kg. Silver is used in jewelery as well as in solar panels, electric vehicles and 5G chips, hence due to the increase in demand yesterday, its prices have increased today as compared to yesterday.
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