The news of a ceasefire in Iran-Israel amidst heavy tension in West Asia has led to a big fall in the price of gold and silver on Tuesday. In the financial capital Mumbai, 22 carat gold is being sold at the rate of Rs 91,550 per 10 grams, while 25 carat gold is trading at Rs 99,870. Similarly, silver price is also trading at Rs 1,00,900 per kg during business.

Gold futures on MCX are trading at Rs 98,168 to Rs 98,168 after coming to Rs 1,00,000 earlier this month. Whereas, the silver futures on MCX are selling 0.75 percent to Rs 1,05,962 per kg.

The fresh sense of your city-the fresh sense of gold and silver

In the national capital Delhi, 22 carat gold is trading at Rs 92,440 per 10 grams and 24 carat gold is trading at Rs 1,00,830. Similarly, in Ahmedabad, 22 carat gold is being sold at Rs 91,600 and 24 carat gold is being sold at Rs 99,920. In Patna too, 22 carats and 24 carat gold are being sold at the rate of Ahmedabad. Whereas, the price of 22 carat gold in Hyderabad, Chennai, Bangalore and Kolkata is Rs 91,550. So at the same time, 24 carat gold is trading in these cities at Rs 99,970.

Significantly, this decline has been seen on the first day after ceasefire in Iran-Israel. However, market experts believe that some more fast may be seen in it next month.

Which factor are fixed by prices?

In fact, gold and silver prices are fixed from several factor, including exchange rates, dollar prices fluctuations and upheaval in the global market. Apart from this, customs also affect it and its prices are fixed on daily basis.

In Indian society, gold is quite important in both economic and cultural terms. Gold is considered very auspicious in any wedding or festival festival. Apart from this, it is also the most suitable for investment. No matter how much inflation, gold has proved herself the most return.

Also read: Iran-Israel ceasefire has a stock market, 800 points shifted Sensex, Nifty crossing 25200

Gold price today: Due to some decrease in global uncertainties, there can be a decrease in pressure on gold in India, although it is still considered to be the safest option for investors. If you compare Akshaya Tritiya this time with Akshaya Tritiya last year, then the price of gold has increased by about 30 percent. Whereas, according to the reports of the industry, the price of gold has increased by about 100 percent in the previous years.

According to the official website, gold was trading at Rs 94,611 per 10 grams at MCX at around 7.20 am. That is, its price has come down by about 91 rupees today. Whereas, silver on MCX is being sold at a price of Rs 94,561 per kg, that is, it has a decline of Rs 2,301.

Gold and silver decline

According to the Indian Bullion Association, the price of 24 carat gold was Rs 94,880 at 7.20 am, while 22 carat gold was trading at Rs 86,973. At the same time, silver (silver fine 999) is being sold at the rate of Rs 95,950 per kg. The special thing is that today is May 1 which is celebrated all over India as Labor Day. Apart from this, there is also Maharashtra Day, due to which the stock market is closed. Gold trade on MCX will be second half i.e. from five in the evening to eleven and a half in the night.

Your city’s new rates-

The bullion rate of gold in the financial capital Mumbai is Rs 95,710 per ten grams while Karoba is doing Karoba at the rate of Rs 94,611 on MCX. Similarly, the bullion rate of silver is Rs 95,780 per kg, while silver (999 silver fine) at MCX is Rs 94,561 per kg.

In Chennai, the bullion rate of gold is being sold at Rs 94,990, while ACX is being sold at Rs 94,611 per 10 grams. While silver on bullion is being sold at Rs 96,060 per kg, at MCX for Rs 94,561.

Talking about Kolkata, the price of gold on the bullion here is Rs 94,580 per 10 grams while Rs 94,611 on MCX. While the price of silver on the bullion is Rs 95,650, the silver on MCX is trading at the rate of Rs 94,561 per kg.

Also read: Why the stock market is closed today, why trading is not happening in the beginning of May, know the special reason

Gold Price: Since the announcement of the tariff on April 2 by US President Donald Trump, there is a lot of stir in the international market. There is a big suspense in the stock market from turmoil to jewelery market. In such a situation, the question is arising as to why the price of gold is increasing suddenly and how long will this last. Along with this, on Akshaya Tritiya, some market experts have estimated its price to cross 1 lakh, so what should be done before you.

Actually, since the tariff was announced, the price of gold is touching the sky. Gold of more than seven percent has given returns, that is, the bank does not give so much benefit as an interest of year -old. On April 2, the price of gold was Rs 93,750 per 10 grams. It made a new record that day. Later, there was a decline in the price of gold and it went to 90,600 on 8 April. But when a brake was applied on the tariff for 90 days, then its price was increased.

Between April 8 and April 18, the market opened for about seven days, while the rest of the day was weekly or other holidays. During this time, the price of gold increased by about Rs 7100 per 10 grams and gold reached a record 97,700. Gold broke its old records on April 10, April 11, April 12, April 16 and 17.

Now on April 30, Akshaya Tritiya is with Sahalag and on this occasion, the most jewelry is purchased after Dhanteras. In such a situation, the demand for gold in the Indian market is increasing continuously.

According to the market experts, the price of gold can increase further in the next two weeks, so people are already booking coins and gold biscuits, so that Akshay takes delivery on the day of Tritia. Apart from this, another factor is also to increase the demand for gold that marriages will start in May, so people are trying to shop before the possibility of moving forward.

Also read: RBI’s big action, heavy fine imposed on these three banks, know what is the whole matter