Gold Prices Experience Significant Drop Amid Geopolitical Tensions

Current Trends in Gold Pricing

On June 8, gold prices saw a notable decline as investors reacted to escalating tensions between Iran and Israel, alongside ongoing geopolitical uncertainties. The price of gold fell by ₹1,600, settling below ₹1.54 lakh for every 10 grams. In a more severe downturn, MCX silver dropped by ₹5,500, trading under ₹243,500 per kilogram. Current data from the bullion market indicates that gold is now priced at ₹1.54 lakh per 10 grams.

Global gold prices also continued their downward trend on Monday, driven by concerns over a potential US interest rate hike following a robust jobs report. Additionally, renewed conflicts in West Asia have led to rising oil prices, further fueling inflation worries. Kelvin Wong, a senior market analyst at OANDA, noted, "The market is increasingly pricing in hawkish sentiments regarding Fed futures," as reported to Reuters.

Gold Prices by City (24K, 22K, 18K)

Source: GoodReturns Gold Rates