Gold Price In India, June 7: 24k/100 Grams Gold Jumps By Rs 11K, Silver Rises By Rs 4300 In 2-Days

Gold prices in India today jumped again as the Monetary Policy Committee (MPC), led by Governor Das and consisting of six members, decided by a 4:2 majority to maintain the benchmark repo rate at 6.5% for 8th consecutive time.

22k gold prices today in India rose by Rs 300 to Rs 67,600/10 grams and 100 grams of 22 carat yellow metal prices surged by Rs 3000 to Rs 6,76,000 on June 7, 2024. 24 carat yellow metal prices today in the country surged by Rs 330 to Rs 73,750 per 10 grams and 100 grams of 24k yellow metal prices soared by Rs 3300 in India. It is worth mentioning that 100 grams of 24 carat gold prices soared by Rs 11,000 in a span of just 2-days and 10 grams of 24 carat yellow metal rose by Rs 1100 in last 2-days.

18 carat gold prices today witnessed rally of 250 to Rs 55,310/10 grams in India and 100 grams of 18k gold prices jumped by Rs 2500 to Rs 5,53,100 in the country.

Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited said, "the price of gold has risen to a two-week high to trade above Rs 73000 as new selling of the Dollar Index appears. Growing FED rate-cut bets keep US bond rates low and burden the economy. The markets have priced in around 50 basis points of Fed rate cuts this year; the first is expected to happen in September. US economic data like the Manufacturing Index, New orders, and Shipping Index- all are coming weak from the past few days, which shows that economic activity is slowing down. While Inflation is still above the FED target of 2%, so we are expected to see stagflation this year in the US, which is a supportive factor for gold."

Spot Gold, Spot Silver Prices Today: Spot gold fell 0.2% at $2,371.04 per ounce, as of 0144 GMT. Bullion jumped nearly 2% for the week so far. Spot silver declined 0.5% to $31.16 per ounce, platinum was up 0.4% at $1,006.75 and palladium lost 0.2% to $928.25., according to Reuters.

Silver Prices Today: Silver prices in India today witnessed sharp rally of Rs 2500 to Rs 96,000. 100 grams silver prices in India today rallied by Rs 250 to Rs 9,600.

Aamir Makda, Commodity & Currency Analyst, Choice Broking said, "MCX Gold futures have lately risen to 73,000 due to recent US economic data indicating that the Federal Reserve may cut interest rates. Recent ADP Non-Farm payroll figures were considerably lower than anticipated, indicating a stronger labour market. The Bank of Canada has reduced interest rates for the first time in four years. These factors have recently driven prices, and we have seen a significant spike in Comex gold spot rates to $2360."

On Technical charts, Gold price has breakthrough its previous consolidation move and marked high at 73045 today, sustaining over 20-Daily moving average (DMA) level placed at 72,193. On the other side, immediate resistance on Daily chart would be at SAR level placed at 73,408. Breakout of this hurdle will accelerate upside momentum in Gold price towards 74,000 in upcoming session, added Aamir Makda.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold price today soared by Rs 300, jumped by Rs 700 on June 6, fell by Rs 200 on June 5, soared by Rs 700 on June 4, fell by Rs 400 on June 3, remained unchanged on June 2, fell by Rs 200 on June 1, held steady on May 31, slipped by Rs 400 on May 30, rallied by Rs 250 on May 29, Jumped by Rs 200 on May 28, and surged by Rs 250 on May 27.

1kg Silver price India movement in last 10-days

Silver prices today surged by Rs 2500, jumped by Rs 1800 on June 6, fell sharply by Rs 2300 on June 5, remained unchanged on June 4, slipped by Rs 700 on June 3, remained unchanged on June 2, declined by Rs 2000 on June 1, fell by Rs 1000 on May 31, fell by Rs 1200 on May 30, jumped by Rs 1200 on May 29, rallied by Rs 3500 on May 28, and surged by Rs 1500 on May 27.

1 Gram of 22k Gold prices In 5 Key Metropolitan Cities Of India On June 7, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,840

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on June 7 is Rs 6,760

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on June 7 is Rs 6,775

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on June 7, 2024 is Rs 6,760

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on June 7 is Rs 6,760

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on June 7 is Rs 6,760