Gold prices in the international market have fallen to a six-month low. Crude oil prices have increased by about 2% after America’s new attack on Iran. This has increased investors’ concerns about inflation and the possibility of high interest rates continuing for a long time. The US military has targeted many places in Iran. President Donald Trump has said that if a peace agreement is not reached, Iran will have to pay a heavy price.
During today’s trading, gold prices fell to their lowest level since November 21. Spot gold fell 0.2% to $4,063.87 an ounce, while spot silver fell 0.9% to $63.15 an ounce. There is concern that higher crude oil prices could increase inflation. Although gold is traditionally seen as an inflation hedge, high interest rates have a negative impact on the metal as it does not provide any returns. Inflation in the US reached 4.2% in May, the highest level in three years.
City 24K 22K 18K Delhi ₹145790 ₹133650 ₹109380 Mumbai ₹145640 ₹133500 ₹109230 Kolkata ₹145640 ₹133500 ₹109230 Chennai ₹147280 ₹135000 ₹113100 Lucknow ₹145790 ₹133650 ₹109380 Kanpur ₹145790 ₹133650 ₹109380 Patna ₹145690 ₹133550 ₹109380 Jaipur ₹145790 ₹133650 ₹109380 Indore ₹145690 ₹133550 ₹109280 Bhopal ₹145690 ₹133550 ₹109280
**MCX Prices**
Gold and silver prices also declined in the domestic market. On MCX, gold prices fell by over ₹1,500, while silver became cheaper by ₹5,000. Gold for delivery on August 5 had closed at ₹1,48,017 per 10 grams in the previous session and opened at ₹1,46,518 today; It fell to ₹1,46,444 in early trade.
Similarly, silver for delivery on July 3 had closed at ₹2,35,505 per kg in the previous session and opened at ₹2,31,671 today. During early trade, it fell by ₹5,012 to ₹2,30,493. At 10:10 am, it was trading at ₹2,306 or 0.55 per cent lower.
bullion market rates
Gold prices have also fallen in the bullion market. According to ‘Good Returns’, the price of 24-carat gold fell by ₹2,130 to ₹1,45,640 per 10 grams. Similarly, the price of 22-carat gold declined by ₹1,950 to ₹1,33,500. 18-carat gold is trading ₹1,600 lower at ₹1,09,230. Silver is currently trading at ₹2,50,000 per kg.