Gold Silver Price Today MCX: In the international market, gold is trading at $3655.83 per ounce amid weak US jobs data and expectations of rate cut by the US Fed.

Gold Silver Price Today: Just before the start of the festive season, there has been a tremendous jump in gold and silver. On Tuesday, 24 carat gold jumped by a huge Rs 1300 to reach a record level of Rs 1,10,290 per 10 grams. Gold's shine has increased further amid geopolitical uncertainty and weak US job figures. Market experts say that the way the global market situation has developed, investors are constantly being attracted to gold.

In the international market, gold is trading at $3655.83 per ounce amid weak US jobs data and expectations of rate cuts from the US Fed. That is, it has registered a rise of 0.54 percent.

Latest rates in your city

Today, in the national capital Delhi, 24 carat gold is trading at the rate of Rs 1,10,440 per 10 grams, while the price of 22 carat gold is Rs 1,01,250. Similarly, in the financial capital Mumbai, Hyderabad, Chennai, Bengaluru and Kolkata, 24 carat gold is being sold at the rate of Rs 1,10,290 and 22 carat gold is being sold at the rate of Rs 1,01,100 per 10 grams.

Apart from this, in Jaipur, Ahmedabad and Patna, 24 carat gold is trading at Rs 1,10,340 and 22 carat gold at Rs 1,01,150 per 10 grams. It is worth noting that 24 carat gold is usually purchased for investment purposes, while 22 carat and 18 carat gold is purchased for making jewellery.

For what reasons are the prices of gold and silver determined?

The prices of gold and silver are determined on a daily basis and many factors are responsible for this. These mainly include the following reasons. Since the prices of gold and silver in the international market are determined in US dollars, changes in the dollar-rupee exchange rate have a direct impact on the price of these metals. If the price of the dollar increases or the rupee weakens, then the prices of gold in India increase.

Most of the gold in India is imported. In such a situation, customs duty, GST, and other local taxes affect the prices of gold. Turmoil in the global market (such as war, economic recession, or changes in interest rates) has a direct impact on the price of gold. When uncertainty increases in the global market, investors choose safe options like gold instead of stocks or other volatile assets.

In India, gold is not only an investment, but is also associated with tradition and cultural beliefs. Buying gold on weddings, festivals and auspicious occasions is considered auspicious. Therefore, the demand is high, which affects the prices. Gold has long been an option that gives better returns than inflation. When inflation rises or there is risk in the stock market, people prefer to invest in gold. This is the reason why its demand and price always remain the same.