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)
| City | 24K | 22K | 18K |
|---|---|---|---|
| Chennai | ₹15,490 | ₹14,199 | ₹11,909 |
| Mumbai | ₹15,169 | ₹13,905 | ₹11,377 |
| Delhi | ₹15,184 | ₹13,920 | ₹11,392 |
| Kolkata | ₹15,169 | ₹13,905 | ₹11,377 |
| Bangalore | ₹15,169 | ₹13,905 | ₹11,377 |
| Hyderabad | ₹15,169 | ₹13,905 | ₹11,377 |
| Kerala | ₹15,169 | ₹13,905 | ₹11,377 |
| Pune | ₹15,169 | ₹13,905 | ₹11,377 |
| Vadodara | ₹15,174 | ₹13,910 | ₹11,382 |
| Ahmedabad | ₹15,174 | ₹13,910 | ₹11,382 |
| Jaipur | ₹15,590 | ₹14,014 | ₹11,698 |
| Lucknow | ₹15,590 | ₹14,014 | ₹11,698 |
| Coimbatore | ₹15,490 | ₹14,199 | ₹11,909 |
| Madurai | ₹15,490 | ₹14,199 | ₹11,909 |
| Vijayawada | ₹15,272 | ₹13,999 | ₹11,454 |
| Patna | ₹15,580 | ₹14,004 | ₹11,688 |
| Nagpur | ₹15,272 | ₹13,999 | ₹11,454 |
| Chandigarh | ₹15,590 | ₹14,014 | ₹11,698 |
| Surat | ₹15,580 | ₹14,004 | ₹11,688 |
| Bhubaneswar | ₹15,272 | ₹13,999 | ₹11,454 |
| Mangalore | ₹15,169 | ₹13,905 | ₹11,377 |
| Visakhapatnam | ₹15,169 | ₹13,905 | ₹11,377 |
| Nashik | ₹15,172 | ₹13,908 | ₹11,380 |
| Mysore | ₹15,169 | ₹13,905 | ₹11,377 |
| Salem | ₹15,490 | ₹14,199 | ₹11,909 |
| Rajkot | ₹15,580 | ₹14,004 | ₹11,688 |
| Trichy | ₹15,490 | ₹14,199 | ₹11,909 |
| Ayodhya | ₹15,590 | ₹14,014 | ₹11,698 |
| Cuttack | ₹15,169 | ₹13,905 | ₹11,377 |
| Davanagere | ₹15,169 | ₹13,905 | ₹11,377 |
| Bellary | ₹15,169 | ₹13,905 | ₹11,377 |
| Gurgaon | ₹15,590 | ₹14,014 | ₹11,698 |
| Ghaziabad | ₹15,590 | ₹14,014 | ₹11,698 |
| Noida | ₹15,590 | ₹14,014 | ₹11,698 |
| Vellore | ₹15,490 | ₹14,199 | ₹11,909 |
| Amaravati | ₹15,169 | ₹13,905 | ₹11,377 |
| Guntur | ₹15,169 | ₹13,905 | ₹11,377 |
| Nellore | ₹15,169 | ₹13,905 | ₹11,377 |
| Kakinada | ₹15,169 | ₹13,905 | ₹11,377 |
| Tirupati | ₹15,169 | ₹13,905 | ₹11,377 |
Source: GoodReturns Gold Rates