Gold Slumps₹1600 Per 10 Grams amid Market Fluctuations
Gold prices saw a significant drop due to market fluctuations and geopolitical tensions. Key cities in India reported varying rates with 24-carat gold falling to ₹153,933 per 10 grams.
Highlights
- •Geopolitical tensions influenced the gold market's performance
- •Gold rate fell by ₹1,600 to ₹153,933 per 10 grams on MCX
- •Silver prices dropped significantly more than gold
- •Global markets also showed mixed reactions
The gold market experienced a significant downturn on June 8, with prices falling by ₹1,600 per 10 grams to ₹1,53,933. These fluctuations are being closely watched in the wake of geopolitical tensions involving Iran, Israel, and the United States.
According to Market Codes Exchange (MCX) data, both gold and silver prices showed a notable decline during this trading session. Gold rates dipped by ₹1,600 to close at ₹1,53,933 per 10 grams early in the day. By afternoon, the price of 24-carat gold had settled at ₹1,54,237 per 10 grams. In comparison, last week's closing rate on June 5 recorded 24-carat gold at ₹1,55,600.
The India Bullion and Jewellers Association (IBJA) reported a slightly lower closing price of ₹1,54,238 per 10 grams for 24-carat gold. IBJA generally releases these rates around noon. The silver rate saw a more pronounced drop to ₹2,43,379 per kilogram during the day on June 8 from its previous close.
In the global market, COMEX gold futures followed the local trend by dropping $30.80 and trading at $4,334.50 per ounce. Silver, too, saw a steep fall of 2.49%, closing at $67.39 per ounce.
Current Gold Rates in Major Cities
The rate variations across major Indian cities highlight the current market scenario:
- New Delhi: 24-carat gold (10 grams) - ₹155,910, 22-carat gold (10 grams) - ₹140,150, 18-carat gold (10 grams) - ₹116,990
- Mumbai: 24-carat gold (10 grams) - ₹152,730, 22-carat gold (10 grams) - ₹140,000, 18-carat gold (10 grams) - ₹114,550
- Kolkata: 24-carat gold (10 grams) - ₹152,730, 22-carat gold (10 grams) - ₹140,000, 18-carat gold (10 grams) - ₹114,550
- Chennai: 24-carat gold (10 grams) - ₹154,910, 22-carat gold (10 grams) - ₹142,000, 18-carat gold (10 grams) - ₹119,100
- Patna: 24-carat gold (10 grams) - ₹155,810, 22-carat gold (10 grams) - ₹140,050, 18-carat gold (10 grams) - ₹116,890
- Lucknow: 24-carat gold (10 grams) - ₹155,910, 22-carat gold (10 grams) - ₹140,150, 18-carat gold (10 grams) - ₹116,990
- Ghaziabad: 24-carat gold (10 grams) - ₹155,910, 22-carat gold (10 grams) - ₹140,150, 18-carat gold (10 grams) - ₹116,990
- Noida: 24-carat gold (10 grams) - ₹155,910, 22-carat gold (10 grams) - ₹140,150, 18-carat gold (10 grams) - ₹116,990
- Gurugram: 24-carat gold (10 grams) - ₹155,910, 22-carat gold (10 grams) - ₹140,150, 18-carat gold (10 grams) - ₹116,990
