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Gold and Silver Rates in India Today, May 8: Gold and silver prices rose for the second consecutive day on Friday, May 08, as a peace deal is likely to be concluded between Iran and the US to end the months-long war in the Middle East.
On the MCX, gold prices rose 0.31 per cent to trade at Rs 1,52,732 per 10 grams in the early trade, while silver was up by 0.79 per cent to Rs 2,60,580 per kg.
In Mumbai, the price of 24-carat gold stood at Rs 1,52,680 per 10 grams, while 22k gold was available at Rs 1,39,950 per 10 grams. These rates do not include GST and making charges.
Some media reports suggest that Iran and US have exchanged fire once again, violating their month-long ceasefire. Iran blamed the US for instigating by targeting two ships at the Strait
of Hormuz, while US said it fired in retaliation.
Fresh tensions also led to the rise in crude oil prices after falling substantially over reports of an imminent Iran-US deal that might end the months-long war. WTI crude futures rose 1.71 per cent to $96 per barrel, while Brent crude futures jumped to $101 per barrel.
What Is The Price Of 22kt, 24kt Gold Today In India Across Key Cities On May 8?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,36,900 | Rs 1,52,820 |
| Jaipur | Rs 1,36,900 | Rs 1,52,820 |
| Ahmedabad | Rs 1,36,800 | Rs 1,52,720 |
| Pune | Rs 1,36,800 | Rs 1,52,720 |
| Mumbai | Rs 1,36,750 | Rs 1,52,680 |
| Hyderabad | Rs 1,36,750 | Rs 1,52,680 |
| Chennai | Rs 1,36,750 | Rs 1,52,680 |
| Bengaluru | Rs 1,36,750 | Rs 1,52,680 |
| Kolkata | Rs 1,36,750 | Rs 1,52,680 |
In the international market, spot gold was traded at $4,725.39 per ounce.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
