Image Source : PIXABAY Gold, silver price on January 17
Gold, silver price today: Gold rate has surged on Friday. The rate of 24 carat gold is Rs 8080.3 per gm, up by Rs 550.0. While the cost of 22 carat gold is Rs 7408.3 per gram, a rise of Rs 500.0. Silver rates have also increased by Rs 2000 per kg. The current price of silver in India is 98700.0 per kg.
Gold price and silver rate today:
Gold rate in Delhi: Gold rate in Delhi today is Rs 80,803.0/10 grams. Yesterday on January 16, the price of gold was Rs 80, 123.0/10 grams.
Silver rate in Delhi: Silver rate in Delhi today is Rs 98700.0/Kg. Yesterday on January 16, the price of silver was Rs 95, 500.0/Kg.
Gold rate in Chennai: Gold rate in Chennai today is Rs 80,651.0/10 grams. Yesterday on January 16, the price of gold was Rs 79971.0/10 grams.
Silver rate in Chennai: Silver rate in Chennai today is Rs 105800.0/Kg. Yesterday on January 16, the price of silver was Rs 102600.0/Kg.
Gold rate in Mumbai: Gold rate in Mumbai today is Rs 80657.0/10 grams. Yesterday on January 16, the price of gold was Rs 79977.0/10 grams.
Silver rate in Mumbai: Silver rate in Mumbai today is Rs 98000.0/Kg. Yesterday on January 16, the price of silver was Rs 94800.0/Kg.
Gold rate in Kolkata: Gold rate in Kolkata today is Rs 80655.0/10 grams. Yesterday on January 16, the price of gold was Rs 79975.0/10 grams.
Silver rate in Kolkata: Silver rate in Kolkata today is Rs 99500.0/Kg. Yesterday on January 16, the price of silver was Rs 96300.0/Kg.
Factors affecting silver and gold price
The price of silver and gold is influenced by several crucial factors, including demand and supply, inflation, industrial demand, and the strength of the US dollar, as explained below:
Demand and supply: The balance between supply and demand has a significant impact on silver and gold prices. Any changes in this ratio—whether an increase or decrease in supply or demand—can cause fluctuations in the price of silver and gold.
Inflation: Inflation, which refers to the general rise in prices of goods and services, is directly related to silver and gold prices. When inflation is high, the value of currency starts diminishing, leading people to invest in tangible assets, because its price keep increasing. For instance, when inflation is low, gold and silver prices tend to decrease.
Industrial demand: As countries like India focus more on industrialisation, the demand for gold and silver in sectors like electronics, solar energy, and jewelry increases, and as a repercussion, the silver prices also tend to increase.
Strength of the U.S. Dollar: The U.S. dollar is world’s dominant currency and has a strong influence on the gold and silver prices.
