Gold and Silver Prices Decline After Recent Surge

Market Update on Precious Metals

Following a period of rising prices, both gold and silver experienced a drop on June 10. In the Delhi bullion market, the price of gold fell to ₹97,670 per 10 grams. Meanwhile, silver saw a decrease of ₹1,000, bringing its price down to ₹1,07,100 per kilogram.

Gold prices had been on the rise for several days, and silver had also seen a consistent increase, reaching record highs. However, on Tuesday, June 10, both metals faced a decline. The price of gold decreased by ₹110 per 10 grams, settling at ₹97,670. According to the All India Bullion Association, this drop is attributed to selling activities by jewelers and stockists.

Current Silver Prices

In addition, the price of 99.5% pure gold also fell by ₹100, now priced at ₹97,250 per 10 grams (including all taxes). After seven consecutive days of increases, silver prices saw a significant drop, with one kilogram now costing ₹1,07,100 (including all taxes), down from ₹1,08,100 per kilogram, which was the peak price on Monday.

International Market Overview

In the global market, spot gold prices showed a slight increase, reaching $3,329.12 per ounce. Senior analyst Shriram Iyer from Reliance Securities noted that easing trade tensions between the U.S. and China have reduced the demand for safe-haven investments, putting pressure on gold prices. Ongoing trade talks in London between the two nations have raised hopes for a potential agreement. In the global market, silver prices fell by 0.3%, now at $36.64 per ounce.

Future Outlook

According to Devya Gaglani, a senior analyst at Axis Securities, fluctuations in gold prices are expected this week. Upcoming reports on inflation and consumer sentiment in the U.S. could impact the market. If these figures deviate from expectations, it may influence the Federal Reserve's decisions.