The price of gold, considered a non-interest bearing asset, remained under pressure for the third consecutive day due to reduced demand and increasing strength of the dollar. Besides, investors are adopting a cautious stance ahead of the release of minutes of the June meeting of the US Federal Reserve. After remaining flat for one day in Delhi, the price of 10 grams of 24 carat gold has declined by a total of Rs 1,480 and that of 22 carat gold by Rs 1,360 in the last three days. Today, the prices of both types of gold registered a 'font-size:12.0pt;line-height:115%; font-family:"Times New Roman","serif"'>chemicalsethology
Meanwhile, a decline in demand from the industrial sector also weighed on silver prices. After remaining flat for a day, silver prices fell by ₹100 per kilogram today.
Gold prices in 10 major cities of the country
Today, the prices of 10 grams of gold of 18, 22 and 24 carat purity have declined slightly in 10 major cities of the country, as both consumers and investors are focused on future developments in the market.
| City |
24 carat 10 gram gold rate |
22 carat 10 gram gold rate |
18 carat 10 gram gold rate |
| Delhi |
₹1,45,400 |
₹1,33,290 |
₹1,09,080 |
| Mumbai |
₹1,45,250 |
₹1,33,140 |
₹1,08,930 |
| Kolkata |
₹1,45,250 |
₹1,33,140 |
₹1,08,930 |
| Chennai |
₹1,46,170 |
₹1,33,990 |
₹1,11,990 |
| Bangalore |
₹1,45,250 |
₹1,33,140 |
₹1,08,930 |
| Hyderabad |
₹1,45,250 |
₹1,33,140 |
₹1,08,930 |
| Lucknow |
₹1,45,400 |
₹1,33,290 |
₹1,09,080 |
| Patna |
₹1,45,300 |
₹1,33,190 |
₹1,08,980 |
| Jaipur |
₹1,45,400 |
₹1,33,290 |
₹1,09,080 |
| Ahmedabad |
₹1,45,300 |
₹1,33,190 |
₹1,08,980 |
Silver also became cheaper
Earlier on July 6th, after remaining stable for two consecutive days, silver prices fell by up to ₹5,000 per kg. Today, silver prices in Delhi fell by ₹100 to ₹2,44,800 per kg. Silver prices in Mumbai and Kolkata are currently trading at ₹2,44,900 per kg, and in Chennai, it is selling at ₹2,49,900 per kg. Among the major metro cities, Chennai has the highest prices.
What could happen next?
According to Saumil Gandhi, senior analyst in the commodities department at HDFC Securities, investors are exercising caution ahead of the release of the minutes of the Federal Reserve's June meeting. Furthermore, the outcome of the second round of talks between the US and Iran could also be crucial for gold prices.
According to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, a slight increase in crude oil prices has put pressure on international spot gold prices. Therefore, gold and silver prices are likely to remain in a limited range in the short term. However, he also predicted that if geopolitical tensions in West Asia ease, gold and silver prices could find positive support again.
PC:Rochak Khabre
