Gold and Silver Market Update: The Indian gold market witnessed a slight decline in prices on Tuesday, June 25, 2024. The price of 24-carat gold, a popular choice for jewelry, dipped to Rs. 72,689 per 10 grams, reflecting a decrease of Rs. 1,803. Similarly, 22-carat gold, commonly used for investment purposes, saw a decline to Rs. 66,58.3 per gram, representing a drop of Rs. 1,651.
This downward trend aligns with the broader market movement observed over the past week. 24-carat gold prices have decreased by 1.53%, while the last month saw a more significant decline of 1.95%. Silver prices mirrored the trend in gold, falling to Rs. 88,850 per kilogram, a decrease of Rs. 2,000 compared to yesterday’s price.
City-Wise Price Variations
Gold and silver prices can vary slightly across major Indian cities. Here’s a breakdown of the current prices as of June 25, 2024:
- Delhi:
- Gold (24-carat): Rs. 72,689 per 10 grams
- Silver: Rs. 88,850 per kilogram
- Chennai:
- Gold (24-carat): Rs. 73,620 per 10 grams
- Silver: Rs. 88,850 per kilogram
- Mumbai:
- Gold (24-carat): Rs. 73,477 per 10 grams
- Silver: Rs. 88,850 per kilogram
- Kolkata:
- Gold (24-carat): Rs. 73,119 per 10 grams
- Silver: Rs. 88,850 per kilogram
Market Trends and Future Outlook
Looking at the futures market, December 2024 MCX Gold contracts are currently priced at Rs. 72,300 per 10 grams, reflecting a marginal decrease of 0.122%. Similarly, September 2024 MCX Silver futures are priced at Rs. 90,900 per kilogram, indicating a slight decline of 0.084%.
Related Post: Top 10 Countries Holding the Most Gold 2024
While short-term price fluctuations are common, understanding the factors influencing them can be crucial for informed investment decisions.
Factors Affecting Gold and Silver Prices
Several key factors contribute to the movement of gold and silver prices in the Indian market:
- Global Demand: Rising global demand for gold, often driven by economic uncertainties or geopolitical tensions, can push prices upwards. Conversely, a decrease in demand can lead to price drops.
- Currency Fluctuations: The value of the Indian rupee against the US dollar significantly impacts gold prices in India. A weaker rupee typically translates to higher gold prices and vice versa.
- Interest Rates: When interest rates rise, investors might be drawn towards interest-bearing securities, leading to a potential decrease in demand for gold, which doesn’t offer any fixed returns.
- Government Regulations: Government policies and regulations regarding gold imports, duties, and other restrictions can influence market prices.
- Global Events and Economic Conditions: Major world events, political instability, and the overall health of the global economy can significantly impact gold prices. A strong US dollar, often seen as a safe haven asset during economic downturns, can put downward pressure on gold prices.
Conclusion
Staying informed about current gold and silver prices, market trends, and the various factors influencing them is crucial for navigating the precious metals market. This update provides a snapshot of the Indian gold and silver market as of June 25, 2024, equipping you with valuable insights for making informed decisions.
