Gold Silver Rate Today: Gold down 26,789, silver 1.42 lakh cheaper
Suspense Crime, Digital Desk : The decline in gold and silver prices in the bullion market continues. On Wednesday, June 18, 24 carat gold fell by Rs 816 and 10 grams of it reached Rs 1,49,332. Silver also became cheaper by Rs 3,988 and 1 kilogram of it reached Rs 2,43,700. As per latest data from the India Bullion and Jewelers Association (IBJA), gold prices have so far declined by Rs 7,131 in the month of June, while silver prices have reduced by Rs 19,650. Gold prices have fallen significantly from all-time highs, with 24 carat gold falling by 26,789 and silver falling by 1,42,233. At the height of its price, 24 carat gold was trading at 176,121 for 10 grams and silver at 385,933 for one kilogram. "Post US-Iran war has caused major shock to gold and silver, since oil prices have also softened, safe heaven demand for gold has also declined. At the war peak, gold has lost 9,765/10gm, silver at same phase lost 24,200/kg. "Gold has dropped 816 to Rs 1,49,332 per 10 gram, whereas silver has decreased 3,988 and is trading at Rs 2,43,700 per kg on Wednesday, June 18. All categories from 14 to 23 carats fell in prices Gold and its purity Today's Rate (Rs/10g) Rupee falls 24 carat 1,49,332 816 23 carat 1,48,734 813 22 carat 1,36,788 748 18 carat 1,11,999 612 14 carat 87,359 478 Major Reason for Price Decline of Gold and Silver, experts opine, the hawkishness shown by US Federal Reserve have been put up as a major cause. While Fed hasn't increased rates yet, but indication is clear about potential rate hike before year-end. In a high-interest rate environment, low-interest yielding assets like gold don't fare too well. The conclusion of the US-Iran war and consequent fall in oil prices is also putting a lid on inflation, reducing the need for gold as an inflationary hedge. Why gold and silver rates are different in cities Although gold and silver have same base price countrywide, local taxes, transportation and insurance costs, jeweler profit margins, making charges, demand (wedding and festive season), etc lead to a difference in final gold and silver prices. Investors Outlook: Analysts foresee gold and silver likely under selling pressure.However, an escalation of geopolitical risks and dollar depreciation can trigger a rebound.
