Gold Prices Slip Slightly on June 19: Check City-Wise Rates for 18, 22 and 24 Carat Gold (Image Courtesy: Manyavar)
New Delhi: Gold and silver prices continue to fluctuate amid international tension and changing strategies of investors. On Friday, a decline was seen in both precious metals in the domestic market. Both gold and silver remained under pressure on MCX, due to which both buyers and investors are keeping an eye on the market movements.
Gold for August delivery on MCX fell by around Rs 2,100 during trading. Gold was seen trading at Rs 151,800 per 10 grams with a decline of 1.35%. Gold had also touched a high of Rs 152,800 at the beginning of the day. But later the prices came down due to profit booking.
Along with gold, silver also fell. Silver in July futures fell by about 2.7% to Rs 244,900 per kg. A fall of about Rs 7,000 was recorded in silver during trading. Industrial demand and dollar strength increased the pressure on silver.
According to experts, US-Iran tension and the changing environment of the global market are directly affecting gold and silver. When geopolitical tension increases, investors buy gold considering it as a safe haven. Prices go up. But when the tension subsides a little, people start booking profits. For this reason there is pressure on prices. The strength of the dollar also makes gold expensive.
Today 24-carat gold is being sold at around Rs 14,965 per gram in Delhi. The price of 24 carat in Mumbai and Kolkata is around Rs 14,950 per gram. Gold is a bit expensive in Chennai, the rate there is Rs 15,217 per gram. Due to making charges and demand, there is a difference of Rs 200-300 from city to city.
The average rate of 24-carat gold across the country is around Rs 149,500 per 10 grams. 22-carat gold is trading at Rs 137,040 and 18 carat gold at Rs 112,120 per 10 grams. Making charges are added separately while purchasing jewellery.
In the last few months, gold has set new records several times. Even after today's fall, prices remain at high levels. The future direction of gold will be decided by the global economy, the strength of the dollar and the policies of central banks. The interest rate decision of the Federal Reserve directly impacts gold.
In most cities, silver is being sold around Rs 259,900 per kg. In cities like Chennai, Hyderabad and Kerala, silver is trading at Rs 269,900 per kg. Being a metal with industrial use, silver has high volatility.
Experts believe that for the time being there will be instability in gold and silver. Instead of buying and selling in a hurry, keep an eye on the market direction and global news. Gold is still considered a safe investment for the long term. Investors who consider small decline as an opportunity to buy are also active. Overall, gold and silver are currently swinging in the range. The next big move will be decided by international news.
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