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Gold Rate Silver Rate

Falling of Gold and Silver Rate Prices

Precious metals gold and silver in India has shown an overall decline in the prices since February end. The metals’ price fluctuated due to several factors playing a role, most importantly, the role of novel coronavirus on the global economy.

As on 24th April 2020 - Today's silver rate in India

  • 1-gram silver price is 42.71 Indian Rupee
  • 1 kg silver price is 42,710 Indiana Rupee

As on 24th April 2020 - Gold rate today in India

  • 22 Carat Gold – Rs. 41,650
  • 24 Carat Gold – 43,430 In global markets, gold prices have gone up, lifted by demand for bullion as increasing COVID-19 cases across the globe has created fear for more economic damage. Moreover, a weak dollar also helped increase gold demand, making bullion cheaper for investors holding other currencies.

Silver Rate in India

Silver is among one of the most traded commodities worldwide. India is no exception, and gold and silver together form about 10% of all the commodities imported to the country. Gold and silver rate in India are directly affected by the global demand and supply scenario. For the past four decades, the demand for silver has beaten its supply. With industrial demand accounting for more than 50% of the total consumption, more than 80% of total silver production in the world is a by-product of other commodities. Exclusive silver mining is about 20% of global production.

The trend of silver rate in India for March 2020

ParametersSilver price per Kg
Rate as on March 1stRs. 47,400
Rate as on March 31stRs. 40,500
The highest rate in MarchRs. 50,700 (as on March 6th)
Lowest rate in March Rs. 37,800 (As on March 19th)
Overall performanceDecline

The trend of silver rate in India for April 2020

ParametersSilver price per Kg
Rate as on April 1stRs. 40,500
Rate as on April 31stRs. 42,710
The highest rate in AprilRs. 42,710 (as on April 24th)
Lowest rate in April Rs. 40,360 (As on April 6th)
Overall performance as compared to March 1st Decline

Gold rate today in Mumbai

Mumbai, like any other city in India, offers several investment options for gold in terms of bullions, bars, ingots, and the all-time popular gold ornaments. The gold rate in Mumbai fluctuates as everywhere else; however, that does not stop people from considering this precious metal as an investment avenue. Gold is regarded as the safest investment option, which also offers excellent liquidity as standing against inflation and economic contingencies. The gold rate in Mumbai is standard throughout the city, which is an advantage when buying or trading it as a commodity in national as well as international markets.

The city consists of the maximum number of sellers and buyers, as it is considered as the commercial capital of the country. The gold rate today in Mumbai represents the purchasing power of buyers, and it only seems to increase with the increasing demand the city faces. However, due to the ongoing pandemic, the gold rate is falling as there is a sudden decrease in demand.

Gold rate in Mumbai – March 2020

Gold rates22 Carat24 Carat
March 1st22 CaratRs. 4239.00 per gram
March 31stRs. 4207.00 per gramRs. 4385.00 per gram
Highest March RateRs. 4207.00 per gramRs. 4385.00 per gram
Lowest March RateRs. 4051.00 per gramRs. 4239.00 per gram
Overall performanceDeclineDecline
Percentage change-3.85-3.44

Participants of the gold market remained concerned about a supply squeeze following a sharp difference as the coronavirus closed precious metal refineries in many parts of the world.

Increased concern about the economic impact due to COVID-19 after world health officials declared a pandemic and countries around the globe, taking preventive measures such restricting public gatherings and lockdown to combat the spread of novel coronavirus resulted in the decline of gold and silver prices in India from March 2020.