BIG Drop In Gold Rate In India on June 30; 24,22 K Gold Rate Lowest In June; Will It Continue To Fall In July?

Gold Rate in India: The price of 24 karat gold in India dipped to its one-month lowest mark on Monday, June 30. Declining gold rates today have raised hopes among retail jewellery buyers of a further fall in the price of the precious metal.

The gold rate in India today reflected the fall in international gold prices, which continued their second straight weekly loss amid rising optimism around geopolitical stability. Gold headed for its weekly loss on Friday as progress on global trade talks and rising US consumer sentiment reduced the demand for safe-haven assets.

Gold Rates in India

The price of gold in India dipped to its one-month low mark on Monday. The 24-karat gold rate in India fell by Rs 160 to Rs 97,260 per 10 grams. Likewise, the price of 22 karat gold in India declined by Rs 150 to Rs 89,150 per 10 grams. Similarly, the 18 karat gold rate in India fell by Rs 130 per 10 gram to Rs 72,940 per 10 gram.

The price of gold has increased nearly more than 25% since the beginning of the year 2024-25 amid rising geopolitical uncertainty and stock market volatility, especially after Donald Trump took oath as the United States President. Trump tariffs' uncertainty has kept investors on edge, guessing the widespread repercussions of the tariffs after their implementation.

Despite decline in gold rate today, the international gold price made some recovery today. The price of international gold surged to around $3,280 per ounce on Monday, supported by weaker US dollar, according to Trading Economics.

Silver Rate in India Today

Silver rate in India followed the gold price trend and declined on Monday. Silver price in India declined to Rs 107.7 per gram and Rs 1,07,700 per kilogram. Silver prices in India have increased significantly over the past few months amid rising industrial demand for the precious metal.

Gold Rate in India Outlook

Gold and silver prices are likely to continue their downward trend on Monday. The price of gold is likely to trade range-bound today, with investors unlikely to see any massive spurt in its volatility. Commenting on the trader's strategy for gold, brokerage Nirmal Bang noted, "Gold prices are expected to pullback. One can buy at 95250 with a stop loss of 94950 for the target at 95700- 96000. One can also sell at 96000 with a stop loss of 9630."

Gold prices have eased to their 6-week low mark due to easing trade tensions between US and China. Improvement in geopolitical situation has further dampened-the gold safe-haven rally.

"Gold prices fell to their lowest in 6 weeks as easing trade tensions between US and China dampened safe-haven demand and prompted investors to pivot toward riskier assets. Iran- Israel ceasefire after 12-day conflict seems to be holding. US and China have resolved issues surrounding shipments of rare earth minerals and magnets to the US, Treasury Secretary Scott Bessent said, adding the Trump administration's various trade deals with other countries could be done by the Sept. 1 Labor Day holiday. Focus this week will be on Governor Powell speech, PMI number from major economies, labour market data. This is also a holiday shortened week as US markets remains shut on 4th of July," said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.

Silver Price Outlook

Despite a decline in the silver price today, silver prices are expected to rise. Commenting on investors strategy for silver, Nirmal Bang noted, "Silver prices are expected to rise. One can buy at 105500 with a stop loss of 104000 for the target 107000-108000."

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.