Gold and silver prices witnessed a decline on the Multi Commodity Exchange (MCX) on Monday, tracking a sharp drop in crude oil prices which fell below the USD 80 per barrel mark. The fall in crude oil prices eased inflationary concerns, reducing the safe-haven appeal of precious metals.
Gold Prices on MCX
On MCX, gold futures for August delivery were trading lower by 0.3% at Rs 59,450 per 10 grams, while silver futures for July delivery slipped 0.5% to Rs 72,800 per kilogram. The decline was in line with global trends where spot gold edged down 0.2% to USD 1,960 per ounce.
City-Wise Gold Rates
Here are the gold rates (22 carat per 10 grams) in major cities:
- Delhi: Rs 59,500
- Mumbai: Rs 59,350
- Chennai: Rs 59,600
- Kolkata: Rs 59,400
- Bengaluru: Rs 59,300
- Hyderabad: Rs 59,450
- Ahmedabad: Rs 59,380
- Pune: Rs 59,320
City-Wise Silver Rates
Silver rates (per kilogram) in major cities:
- Delhi: Rs 72,900
- Mumbai: Rs 72,800
- Chennai: Rs 73,100
- Kolkata: Rs 72,850
- Bengaluru: Rs 72,750
- Hyderabad: Rs 72,900
- Ahmedabad: Rs 72,820
- Pune: Rs 72,780
Crude Oil Prices Fall Below USD 80
Crude oil prices extended losses, with Brent crude trading below USD 80 per barrel for the first time in over a month. The drop was attributed to concerns over global demand slowdown and easing supply constraints. Lower crude oil prices reduce production costs and inflationary pressures, which typically weigh on gold and silver as alternative investments.
Market Outlook
Analysts expect precious metals to remain volatile in the near term, with the focus shifting to US Federal Reserve interest rate decisions and upcoming economic data. A stronger dollar and rising bond yields could further pressure gold and silver prices. However, geopolitical tensions and uncertainty over global growth may provide support at lower levels.
Investors are advised to monitor global cues and domestic demand trends before making investment decisions. The MCX gold and silver prices are influenced by international spot rates, rupee-dollar exchange rate, and local demand-supply dynamics.
