The Gold Price Crash has shaken the bullion market this week. Prices of gold and silver have dropped sharply, leaving investors worried. Many are now watching the market closely.
Over the past week, gold prices have fallen by nearly ₹3,000. At the same time, silver prices have seen a bigger dip of around ₹10,000 per kilogram. As a result, the market mood has turned cautious.
Why Are Prices Falling?
Gold prices have been declining steadily. In just one week, 24-carat gold dropped by about ₹3,000. Similarly, 22-carat gold fell by nearly ₹2,750. This trend has raised concerns among traders.
On June 21, gold in Delhi was priced at ₹1,46,230 per 10 grams. Just two days earlier, it stood at ₹1,50,600. This shows how quickly the market is changing.
So, what is driving this fall? Experts point to the strong US dollar. The dollar index has reached a one-year high. Because of this, gold demand has weakened globally. As a result, prices have come under pressure.
In the international market, gold is trading at $4,148.45 per ounce. Clearly, global trends are affecting domestic rates as well.
Latest Gold and Silver Rates
Prices vary across cities. However, the trend remains the same everywhere.
In Delhi, 24-carat gold is at ₹1,46,230 per 10 grams. In Mumbai and Kolkata, it is slightly lower at ₹1,46,080. Chennai has higher rates at ₹1,48,370.
Meanwhile, Guwahati prices show similar movement. Today, 24-carat gold stands at ₹14,595 per gram. Rates for 22-carat and 18-carat gold are also lower.
Silver is not far behind. Its price dropped sharply this week. On June 21, silver was priced at ₹2,50,000 per kilogram. In global markets, it is trading at $64.73 per ounce.
What Lies Ahead?
The Gold Price Crash may continue if global pressure remains. Market experts believe volatility will stay high. Therefore, investors should stay alert.
In conclusion, both gold and silver markets are under stress. However, such corrections are not new. The coming days will be crucial for price direction.