Gold and Silver Prices Decline Amid Rising US Treasury Yields
Gold price dips ₹10 to ₹1,57,900; silver price falls ₹100 to ₹2,89,900
Business Standard
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On Saturday, the price of 24-carat gold decreased by ₹10 to ₹1,57,900 per 10 grams, while silver fell by ₹100 to ₹2,89,900 per kilogram. The decline in prices is attributed to rising US Treasury yields and inflation concerns linked to the ongoing US-Israel conflict.
- 01The price of 22-carat gold also dipped by ₹10, now at ₹1,44,740 per 10 grams.
- 02In Chennai, 24-carat gold is priced at ₹1,61,070, while 22-carat gold is at ₹1,47,640.
- 03Silver prices in Chennai are higher at ₹3,04,900 per kilogram compared to ₹2,89,900 in major cities like Delhi and Mumbai.
- 04US gold futures for June delivery fell by 2.7% to $4,560.20 per ounce.
- 05Spot silver dropped 8.2% to $76.68 per ounce, contributing to a downward trend for the week.
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The price of 24-carat gold has decreased by ₹10, bringing it to ₹1,57,900 per ten grams as of Saturday, while silver prices have also fallen by ₹100, now priced at ₹2,89,900 per kilogram. The price of 22-carat gold has similarly dropped to ₹1,44,740 per ten grams. In major Indian cities, the prices vary slightly, with Chennai showing higher rates for both gold and silver. The decline in precious metal prices is largely influenced by rising US Treasury yields and inflation concerns stemming from the ongoing conflict between the US and Israel. Spot gold saw a significant drop of 2.3%, reaching $4,555.63 per ounce, marking its lowest level since May 4. Additionally, US gold futures for June delivery fell by 2.7% to $4,560.20 per ounce, indicating a broader downward trend in precious metal markets this week, with silver and platinum also experiencing losses.
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The decline in gold and silver prices may affect investment decisions and purchasing power for consumers in India, particularly those interested in buying jewelry or investing in precious metals.
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