Gold-Silver Rates: 24-carat gold prices plummet; 22-carat rates also drop; what is the cost of 10 grams of gold today?

Gold-Silver Price Updates: Gold and silver prices in the country have seen a decline today. This is expected to bring some relief to buyers. Profit-booking at high market levels is being observed.

Gold-Silver Rates Today (June 19): A drop in gold and silver prices is being witnessed across the country today, Friday, June 19. Prices have fallen in both the Indian bullion market and the Multi Commodity Exchange (MCX). On the MCX, gold has become cheaper by approximately ₹1,593 per 10 grams, and silver by around ₹6,057 per kilogram.

What are the gold rates today?

In Delhi, the price of 24-carat gold today is ₹14,965 per gram, while 22-carat gold is priced at ₹13,719 per gram.
In Mumbai, the prices for 24-carat and 22-carat gold today are ₹14,950 and ₹13,704 per gram, respectively.
In Kolkata, 24-carat gold is selling at ₹14,950 per gram today, and 22-carat gold is priced at ₹13,704 per gram.
In Chennai, the price of 24-carat gold today is ₹14,790 per gram, and 22-carat gold is ₹13,570 per gram.

Silver prices also crash

A significant drop in silver prices is also being observed today. Selling of up to 5% has been seen in Silver Exchange-Traded Funds (Silver ETFs). On the MCX, silver prices have also tumbled to around ₹2,37,620 per kilogram. Across various cities in the country, the price of silver currently ranges between ₹2,38,700 and ₹2,59,900 per kilogram.

Why has there been a decline in the prices of precious metals?

In recent days, gold and silver prices in Indian markets had reached record highs. However, with the wedding season having subsided to some extent, purchasing activity has slowed down. Consequently, investors are booking profits at these high levels, leading to a drop in prices. Additionally, the US Federal Reserve has signaled future interest rate hikes. When interest rates rise, investors tend to shift their capital from gold to government bonds, causing the demand for gold to decline. As demand falls, prices begin to drop.