Today, Saturday, June 13, India’s bullion market is witnessing a rise in gold and silver prices after their recent decline. Due to fluctuations in the global market and increasing demand from investors, the prices of these precious metals have risen again. Today, the price of 24-carat pure gold is ₹1,48,580 per 10 grams. At the same time, the price of 22-carat gold used in making jewelery ranges between ₹ 1,36,200 to ₹ 1,37,230 per 10 grams. Similarly, today the price of 18-carat gold ranges between ₹1,11,450 to ₹1,12,420 per 10 grams.
City wise gold prices (per 10 grams)
Delhi: ₹1,49,320
Mumbai: ₹1,49,580
Kolkata: ₹1,49,380
Chennai: ₹1,50,020
Hyderabad: ₹1,49,820
Ahmedabad: ₹1,49,780
Patna: ₹1,48,910
silver prices today
Today, silver prices are also seeing a tremendous rise. The price of silver is ₹260.10 per gram. As a result, the price of one kilogram of silver is around ₹2,60,000.
Why did prices increase?
Hope of averting US-Iran conflict: Uncertainty in the global market has reduced slightly after the US President expressed willingness to stop planned military attacks on Iran and negotiate. This has restored investor confidence, leading to heavy buying of gold and silver futures both in the international market and the Indian Commodity Exchange (MCX). Big cut in base import price – The government has reduced the base import price of gold to $1,343 per 10 grams (decreased by $80) and the base import price of silver to $276 per kg.
This has made import valuations more advantageous for importers and large jewellers, which has strengthened the sentiment in the domestic market and increased demand. Buying at low prices after a sharp fall – The last few days saw a record fall in the prices of gold and silver in the Indian bullion market. Whenever gold prices fall like this, investors and jewelers consider it a good buying opportunity, which leads to a lot of “dip buying” (buying at lower prices). This activity causes prices to start rising again.
Expectation of cut in interest rates – Speculation has intensified in the global market that the US Federal Reserve may soon cut interest rates. Dollar may weaken slightly on expectations of lower interest rates; A weak dollar typically increases both global demand and prices for gold and silver, as they are considered safe-haven investments.