₹2.36 Lakh
Prices of gold and silver saw a slight correction on July 6, with prices of both precious metals seeing a
fall owing to cautious sentiment prevailing in domestic as well as international bullion markets. Though
the prices of gold saw a slight fall, the price of silver fell to ₹2.36 lakh per kg on the Multi Commodity
Exchange (MCX).
As per market information, MCX gold futures were seen trading at ₹1.47 lakh per 10 grams,
marginally lower from the previous day. On the other hand, futures of silver saw a sharp fall of about
0.4 percent and were seen trading near ₹2.36 lakh per kg. This is due to the recent gains seen in the
precious metals market, owing to the reassessment of global economic indicators and interest rate
expectations.
In the spot market, however, prices of gold saw no significant changes in most major Indian cities,
despite the slight fall in prices of precious metals futures. Prices of 24 carat gold stood at around
₹1.46 lakh per 10 grams in cities like Delhi, Mumbai, Bengaluru, and Kolkata, whereas prices of 22
carat gold were higher than ₹1.34 lakh per 10 grams.
According to market analysts, the drop in the price of gold was driven by changing expectations about
monetary policies around the world, especially with recent economic data in the United States
impacting how investors see the future interest rate decisions. A less bullish outlook about interest
rate increases has favored gold prices over the last few weeks, even amid some short-term profit
taking and market corrections.
On the other hand, the metal classified as both precious and industrial, silver dropped even more than
gold did because of changing expectations about demand in the global market and positioning of
investors. However, despite the current weakness in silver, analysts argue that the metal is still
supported by its industrial demand from the renewable energy sector, electric cars, and electronics
production.
Investors and consumers will be watching out for important economic data releases from various
economies around the world, statements from central banks, currency moves, and geopolitical
factors, which may affect future bullion prices in the weeks to come.
Despite the fact that the current downturn could provide some room for long-term investors, analysts
recommend being careful considering the high market volatility. Since gold and silver prices are still at
a high level compared to historical standards, it would be prudent to analyze your investment
objectives and tolerance of risk.
More Stories
Indian Banks Curb Short-Term Borrowing on RBI’s Move to Boost
8.18% GDP Growth Boosts Confidence, but Economic Pressures Could Weigh on the
Gold Registers Biggest Gain in 10 Days in India; Check Updated