Gold prices continued their downward trend on the Multi Commodity Exchange (MCX) on Thursday, extending losses from the previous session. Meanwhile, silver prices surged to Rs 2.72 lakh per kg, marking a significant gain.
Gold Prices on MCX
On MCX, gold futures for June delivery were trading lower by Rs 120 or 0.21% at Rs 57,350 per 10 grams. The yellow metal has been under pressure due to a stronger US dollar and rising bond yields. Analysts expect gold to remain volatile in the near term amid global economic uncertainties.
Silver Prices Rally
Silver futures for July delivery jumped Rs 1,200 or 0.44% to Rs 2,72,000 per kg on MCX. The white metal has outperformed gold recently, supported by industrial demand and a weaker rupee. Silver has gained nearly 5% in the last two weeks.
City-Wise Gold Rates (22K and 24K)
Here are the gold rates in major Indian cities for 22K and 24K purity per 10 grams (excluding GST and making charges):
- Delhi: 22K - Rs 53,250, 24K - Rs 58,090
- Mumbai: 22K - Rs 53,100, 24K - Rs 57,930
- Chennai: 22K - Rs 53,350, 24K - Rs 58,200
- Kolkata: 22K - Rs 53,150, 24K - Rs 57,980
- Bengaluru: 22K - Rs 53,200, 24K - Rs 58,040
- Hyderabad: 22K - Rs 53,250, 24K - Rs 58,090
- Ahmedabad: 22K - Rs 53,150, 24K - Rs 57,980
- Pune: 22K - Rs 53,100, 24K - Rs 57,930
- Jaipur: 22K - Rs 53,200, 24K - Rs 58,040
- Lucknow: 22K - Rs 53,250, 24K - Rs 58,090
Factors Affecting Gold Prices
Gold prices are influenced by several factors including the strength of the US dollar, interest rates, inflation, and geopolitical tensions. Recently, the dollar index has strengthened, putting pressure on gold. Additionally, the US Federal Reserve's hawkish stance on interest rates has reduced the appeal of non-yielding assets like gold.
Outlook for Gold and Silver
Market experts believe that gold may find support at lower levels due to central bank buying and festive demand in India. Silver is expected to remain volatile but could see further upside if industrial demand picks up, especially from the solar panel and electronics sectors.
Investors are advised to monitor global cues and buy physical gold only from certified dealers to avoid adulteration. The rates mentioned above are indicative and may vary across cities and jewelers.
