Gold prices are currently under pressure due to the strengthening US dollar and rise in crude oil prices. Today, on May 6, gold has lost its luster for the third consecutive day. After a day of stability, gold has become cheaper for the third consecutive day today. In these three days, the price of 24-carat gold has fallen by ₹1,760 per 10 grams, while 22-carat gold has become cheaper by ₹1,610. Specifically, today, in the national capital Delhi, the price of 24-carat gold (per 10 grams) has decreased by ₹10, and 22-carat gold has also become cheaper by ₹10. Talking about silver, after two consecutive days of stability, it has become cheaper for the second consecutive day in Delhi today; In these two days, its price has fallen by ₹10,100 per kg.
City-wise gold prices
City 24 carat 10 gram gold price 22 carat 10 gram gold price 18 carat 10 gram gold price Delhi ₹1,49,220 ₹1,36,890 ₹1,12,030 Mumbai ₹1,49,170 ₹1,36,740 ₹1,11,880 Kolkata ₹1,49,170 ₹1,36,740 ₹1,11,880 Chennai ₹1,50,760 ₹1,38,190 ₹1,15,290 Bengaluru ₹1,49,170 ₹1,36,740 ₹1,11,880 Hyderabad ₹1,49,170 ₹1,36,740 ₹1,11,880 Lucknow ₹1,49,320 ₹1,36,890 ₹1,12,030 Patna ₹1,49,220 ₹1,36,790 ₹1,11,930 Jaipur ₹1,49,320 ₹1,36,890 ₹1,12,030 Ahmedabad ₹1,49,220 ₹1,36,790 ₹1,11,930
After two days of stability, silver fell for the second consecutive day
Regarding silver, after two consecutive days of stability, its prices have fallen for the second consecutive day today. In these two days, the price of one kilogram of silver has fallen by ₹10,100. Earlier, in two consecutive days, the price of one kilogram of silver had increased by ₹15,000. As of today, the price in Delhi has fallen by ₹100 per kg, and silver is currently selling at ₹2,54,900. In other major metros—Mumbai and Kolkata—silver is also being sold at the same price. However, the price of one kilogram of silver in Chennai is ₹2,64,900, making it the most expensive among the four major metros.
What is the future of gold?
According to Kranti Bathini, Research Director, Wealth Mills Securities, gold remains under pressure due to the strengthening dollar and increased crude oil prices. When crude oil becomes expensive, the demand for dollars increases, which affects gold prices. Apart from this, the possibility of interest rate cut in America is also putting downward pressure on gold. Kranti Bathini says that after rising in the last few years, gold is currently in a consolidation phase.
Goldman Sachs says that gold prices are going to rise, due to the purchase of gold by Central Banks around the world and expectations of interest rate cuts in the US. However, Goldman Sachs forecasts a slight softening of gold prices in the near future. Goldman Sachs estimates that by the end of this year, the price of gold will reach ₹1.63 lakh per 10 grams ($5,400 per ounce).