Gold Prices Down Again in Bangalore, Hyderabad, Chennai: 6th Consecutive Fall on June 30, Check Today's Rates

The yellow metal has been losing its shine steadily since June 23, with gold rates dropping for the sixth consecutive session. In the last seven days, gold prices in India and other big cities like Bangalore, Chennai, and Hyderabad have fallen by nearly Rs. 32,000 per 100 grams, encouraging prospective buyers who were waiting for a correction to make their purchases.

On the global front, spot gold prices dipped below USD 3,300 per ounce in the previous trading session, with a similar bearish trend. The US Dollar Index is also trading lower, currently down 0.29% at 97.12, to a new three-year low, which has slightly supported gold in early trade. As of today, spot gold has edged up marginally by 0.1%.

Silver & Gold Rates in Major Indian Cities on June 30

Bangalore

GOLD: The 22-carat gold rate in Bangalore today stood at Rs. 89,150 per 10 grams after dropping Rs. 150. Meanwhile, the 24-carat gold price in Bangalore cost Rs 97,260 per 10 grams, which fell by Rs 160. Meanwhile, the 18-carat gold is currently retailing at Rs 72,940, which dropped by Rs 130.

SILVER: Even white metal prices in Bangalore today declined. By Rs. 100 per 1 kg of silver, which now costs Rs. 1,07,700. While 100 g of silver costs Rs 10,770

Chennai

GOLD: 24-carat gold rate today dropped by Rs. 160 to cost Rs. 97,260 per 10 grams. Similarly, the 22-carat gold price in Chennai fell by Rs. 150, and it currently stands at Rs. 89,150 per 10 grams, while On the other hand, the 18-carat gold rate is priced at Rs 72,940, which also dipped by Rs 130 per 10 grams.

SILVER: On June 30, the silver price in Chennai experienced the 5th consecutive decline and currently stands at Rs. 1,17,700 per kg after slipping by Rs. 100. Just like that, the 100 grams cost Rs 11,700.

Hyderabad

Gold: In Hyderabad, the 24-carat gold price today fell by Rs. 160, bringing the rate down to Rs. 97,260 per 10 grams. The 22-carat gold rate also declined by Rs. 150, now standing at Rs. 89,150 per 10 grams. Meanwhile, the 18-carat gold price in Hyderabad dropped by Rs. 130 and is currently priced at Rs 72,940 per 10 grams.

Silver: Continuing its downfall, the silver price in Hyderabad slipped by Rs. 100 on June 30, now standing at Rs. 1,17,700 per kg. Accordingly, 100 grams of silver costs Rs 11,700.

Gold Target Price Ahead

"Gold prices are expected to pull back. One can buy at Rs. 95,250 with a stop loss of Rs. 94,950 for the target at Rs. 95,700-96,000. One can also sell at Rs 96,000 with a stop loss of Rs 96,300.as per the Nirmal Bang Securities report dated June 30.
The report further mentioned, "Gold and silver prices are trading mixed today on the international bourses. We expect precious metal prices on Indian bourses to trade rangebound to slightly lower for the day, as gold prices edged lower after two consecutive weekly declines, with demand impeded by a risk-on mood as the White House aims to finalise trade deals with several nations ahead of a July 9 deadline."

MCX Gold and Silver Futures Update

Gold future prices in the MCX with August 5th expiry are trading in green, 0.48% higher at Rs. 95,925 per 10 grams at the time of writing on June 30. Similarly, silver future prices, which are set to expire on July 4, are currently up 0.35% at Rs 1,05,600 per kilogram.

"MCX Gold Aug is expected to face a hurdle near Rs. 96,500 and move lower towards Rs. 94,050. MCX Silver July is expected to move lower towards Rs. 103,400 as long as it trades under Rs. 106,800. " According to an ICICI Securities report.

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold edged up 0.1% to $3,277.62 per ounce, as of 0421 GMT, after hitting its lowest since May 29 earlier in the session. U.S. gold futures were steady at $3,288.90. Spot silver rose 0.5% to $36.14 per ounce."

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial, investment, or credit advice. The views and recommendations mentioned are based on publicly available data and expert opinions at the time of writing. Neither the author nor GoodReturns endorses any specific product or financial decision. GoodReturns.in and its affiliates are not responsible for any loss or damage resulting from reliance on the information presented.