Gold and silver traded slightly lower on June 18, 2024

Gold and silver prices in India dipped slightly on June 18, 2024, influenced by various global and domestic factors. Despite the minor decline, precious metals remain attractive investments ahead of upcoming festive seasons.

Gold and silver prices dropped slightly on Tuesday June 18 2024 data as seen in the market figures. The rates of 24 carat gold were Rs. 73,519 per 10 grams in Delhi and for the previous day, it was Rs. 73,663, indicating a decline of Rs. 144. At the same time, the 22 carat gold was available for Rs. 6,734. 3 per gram and consequently reduce the price by Rs. 132 per gram. Taking the one week period into consideration, 24 carat gold has moved by 1. The market has only shown a 1% increase in prices while the demand has decreased by as much as 84%. 22% that of a month ago.

We also observed a little decline in the price of silver where the cost for one kilogram in Delhi was recorded at Rs. 88,010 down from Rs. 88,100 on Monday. 

Across major cities, gold prices saw similar small declines:Across major cities, gold prices saw similar small declines:

- Chennai: Rs. 73,806 per 10 grams ($ 919. 50) lower than Rs. 73,663.

- Mumbai: Rs. 73,447 per 10 grams slightly declines from the previous price of Rs. 74,166. 

- Kolkata: Rs. 7,337. 50 per 10 gram (P. L from 73,016)

The prices of silver did not change significantly and therefore the current price for one kilogram of silver was Rs. 88,010 in Chennai, Mumbai and Kolkata.

As per the MCX futures market, gold future for August 2024 delivery was trading at 0. 319% higher at Rs. 71,678 per 10 grams at the time of reporting they were at Rs. Copper futures for the July 2024 contract increased by 0. from Rs 20 per kg to 428% reaching Rs 89,200 per kg.

It can be seen that gold and silver as a metal can be influenced by several factors such as the world demand for gold and silver, currency fluctuations, movement in interest rates, government policies and the economic conditions of the world. Another factor is feedback from other reputable jewelers, which contributes to the domestic price setting. This is due to exchange rates and the current strength of the US dollar against other currencies which affect the Indian bullion market.

Also Read: Gold Rate Today Falls In India: So find 22 Carat Price on June 15 in Your City

Even though both gold and silver slightly withdrawn today, they are considered as the favorite investment and gifting product, especially with two major festive seasons and wedding season ahead in the fiscal year. Market participants are likely to watch closely the price changes in the following weeks.