Gold and Silver Prices Decline Amid Market Pressures
Gold price dips ₹10 to ₹1,54,030; silver falls ₹100, trading at ₹2,59,900
Business Standard
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The price of 24-carat gold decreased by ₹10 to ₹1,54,030 per 10 grams, while silver fell by ₹100 to ₹2,59,900 per kilogram. Global market pressures, including a strong dollar and rising oil prices, contributed to the decline in precious metal prices.
- 0124-carat gold price fell to ₹1,54,030 per 10 grams.
- 02Silver price decreased to ₹2,59,900 per kilogram.
- 03Prices vary slightly across major Indian cities.
- 04Global market factors include a strong dollar and inflation fears.
- 05Gold lost 2.5% last week, ending a four-week winning streak.
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The price of 24-carat gold has dropped by ₹10, now trading at ₹1,54,030 per 10 grams in major cities like Mumbai, Kolkata, and Hyderabad. In Delhi, it stands at ₹1,54,180. The price for 22-carat gold also fell by ₹10, with ten grams priced at ₹1,41,190 in Mumbai and Kolkata. Meanwhile, silver has seen a decline of ₹100, now at ₹2,59,900 per kilogram in Delhi, Kolkata, and Mumbai. The price differs in Chennai, where it is ₹2,69,900. This decline is attributed to a firm dollar and rising oil prices, which raise concerns about inflation and prolonged high interest rates. Last week, gold prices fell 2.5%, breaking a four-week winning streak, while US gold futures for June delivery decreased by 0.9%.
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The decline in gold and silver prices may affect consumers looking to purchase jewelry or invest in precious metals, potentially lowering their costs.
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