Gold-Silver Price On June 24: Did Yellow Metal Rates Rise Or Fall?; Check What You're Paying Today (X)
New Delhi: Amid tension between US and Iran, there is uncertainty in the global market, yet the prices of precious metals fell. The reason is clear, geopolitical tensions eased a bit and the US Federal Reserve did not raise interest rates. This changed the mood of investors and the demand for gold and silver, considered safe investments, decreased.
On the Multi Commodity Exchange (MCX), gold futures (August) opened at Rs 1,46,776 per 10 grams, down Rs 1,412 or 0.95 per cent from the previous close of Rs 1,48,188.
Along with gold, silver also fell. Silver futures (July) witnessed sharper losses than gold. The white metal opened at Rs 2,27,676 per kg, down Rs 6,634 or 2.83 per cent from its previous close of Rs 2,34,310.
In Delhi, 24-carat gold is being sold at Rs 14,474 per gram. 22 carat is Rs 13,254 and 18 carat is Rs 10,844 per gram. In Mumbai, 24-carat gold is costing Rs 14,459 per gram. 24 carat gold in Chennai is at Rs 14,792 per gram. After the fall of MCX, retail rates may also be affected.
Silver in the country is at Rs 244.90 per gram and Rs 244,900 per kg. In Chennai and Hyderabad, silver has reached Rs 249,900 per kg. It is trading around Rs 244,900 per kg in Delhi, Mumbai and Kolkata. Industrial demand is weak, hence there is pressure on silver.
According to experts, five things decide the rate. First, the condition of the international market. Second, how strong is the dollar. Third, whether interest rates will go up or not. Fourth, the situation of tension or war in the world. Fifth, demand and supply. When demand increases during wedding and festival seasons, rates also increase.
Market experts advise not to hurry now. In the coming days, US-Iran tension, the next Fed meeting and global economy figures will decide whether gold and silver will go up or down. Buy little by little in the fall. Don't invest all the money at once. Keep an eye on the market.
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