Gold and Silver Futures See Significant Drop

After reaching a record high of Rs 99,358, gold June futures at MCX opened lower by Rs 1,883 or 1.45% at Rs 95,457/10 grams due to profit booking by market participants. Similarly, silver May futures declined, opening at Rs 95,478/kg, down by 0.42% or Rs 400.

Market Volatility and External Influences

Precious metals showed significant volatility, with gold exceeding $3,500 per troy ounce early in trading. However, statements from the U.S. President regarding China and the Fed Chairman prompted selling at peak levels, leading to a decline in gold prices by over $100 per troy ounce.

Physical Market Gold Rates Across India

Delhi Market: Standard gold (22 carat) is priced at Rs 57,176/8 grams, whilst pure gold (24 carat) costs Rs 60,920/8 grams.

Mumbai Market: Standard gold (22 carat) is valued at Rs 57,952/8 grams, whilst pure gold (24 carat) is priced at Rs 61,784/8 grams.

Chennai Market: Standard gold (22 carat) is available at Rs 56,600/8 grams, whilst pure gold (24 carat) costs Rs 60,376/8 grams.

Hyderabad Market: Standard gold (22 carat) is trading at Rs 57,120/8 grams, whilst pure gold (24 carat) is valued at Rs 60,952/8 grams.