Gold and Silver Prices Decline Amid Stronger Dollar
Gold price falls ₹10 to ₹1,52,830; silver down ₹100, trading at ₹2,59,900
Business Standard
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The price of 24-carat gold decreased by ₹10 to ₹1,52,830 per 10 grams, while silver fell by ₹100 to ₹2,59,900 per kilogram. This drop comes as US gold prices hit a near one-week low due to a stronger dollar and rising energy prices, impacting inflation expectations.
- 0124-carat gold now priced at ₹1,52,830 per 10 grams.
- 02Silver prices decreased to ₹2,59,900 per kilogram.
- 0322-carat gold also fell by ₹10, trading at ₹1,40,090.
- 04US gold prices hit a near one-week low due to dollar strength.
- 05Spot silver and platinum prices also experienced declines.
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In early trading on Monday, the price of 24-carat gold fell by ₹10, bringing the cost to ₹1,52,830 per 10 grams. Similarly, silver prices declined by ₹100, now at ₹2,59,900 per kilogram. The price of 22-carat gold also saw a decrease of ₹10, standing at ₹1,40,090. Regional variations exist, with 24-carat gold priced at ₹1,53,810 in Chennai and ₹1,52,980 in Delhi. The decline in gold prices is attributed to a stronger US dollar and rising energy prices, which have raised inflation concerns and affected expectations for US Federal Reserve interest rate cuts. Spot gold prices dropped 1.1% to $4,694.30 per ounce, marking the lowest level since April 7, while US gold futures for June delivery fell 1.4% to $4,717.80. Other metals also saw price fluctuations, with spot silver down 1.9% to $74.45 per ounce.
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The decline in gold and silver prices may affect consumers looking to purchase jewelry or invest in precious metals, potentially leading to lower costs for buyers.
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