Gold and Silver prices down today: Check city wise rate list

New Delhi: Gold price today in India was down by Rs 10 per unit to Rs 71,990 per 10 gram (24 carat). Yellow metal prices have fallen for the last two straight days now. While, the price of 22-carat gold in India stood at Rs 65,990 per 10 gm on June 27, 2024, the price of 18-carat gold was at Rs 53,990 per 10 gm. Similarly, Silver prices in India have fallen for last three consecutive days. Silver price today in India was down by Rs 100 per unit to Rs 89,900 per kg.

Gold and Silver prices in key cities today

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Why Gold Prices are falling?

In the last two days, precious metal prices have come under pressure, globally. According to industry analysts, the reason for decline in gold price is the sentiment created in the US about delay in impending interest rate cut cycle by the Federal Reserve.

According to Saumil Gandhi, Research Analyst at HDFC Securities, Gold has come under pressure because of latest hawkish comments made by a Federal Reserve policymaker. He said, ‘His comments have dashed investors’ hopes of Fed’s impending shift to monetary policy easing.’

According to Retuers, Fed Governor Michelle Bowman had on Wednesday reiterated her baseline view that “inflation will decline further with the policy rate held steady,” and that rate cuts will “eventually” be appropriate if inflation does move sustainably toward 2%. As per latest data, US inflation was reported to be at 3.4 per cent in May 2024.

Historically, Gold has shared an inverse relationship with interest rates. Generally, it is seen that gold prices have increased when interest rates are slashed and yellow metal prices moderate when interest rates are hiked.

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According to Gandhi, the second gold price fall reason is uptick in US dollars. On Thursday, US dollar’s value against Rupees was up 0.11 per cent as compared to the day before. At 10 am on Thursday 1 US dollar was equivalent to Rs 83.52. The dollar currently is hovering near a eight-week high; this has made bullion more expensive for other currency holders.

 Gold Price Today in India: The gold rate declined to Rs 71,990 per 10 gram (24 carat) in India on June 27, 2024. Gold price today in Delhi stood at Rs 72,140 per 10 gram (24 carat).  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today