Gold prices were unchanged in key Indian cities on Friday, June 12, as silver recorded another day of increases following its impressive run in the international market. All attention in the financial market was fixed on geopolitics, inflation, and interest rate expectations from key central banks.
Based on the latest retail market report, prices for 24-carat and 22-carat gold did not undergo significant movements in major Indian cities such as Delhi, Mumbai, Kolkata, Chennai, Bangalore, and Hyderabad. This is coming after fluctuations in international precious metals markets where prices have been in tug of war over the metal’s prospects amid geopolitical instability.
Silver prices were higher than that of gold in the Indian markets. The reasoning provided for the strong performance was the growth in the international bullion market, along with robust industrial demand and heavy investments made in the precious metal market.
silver price (may vary accordingly)
| City / State [1, 2, 3, 4, 5] | 1 Gram | 10 Grams | 1 Kilogram |
|---|---|---|---|
| Uttar Pradesh / Delhi | ₹26.00 | ₹2,600.00 | ₹2,60,000.00 |
| Lucknow (Avg.) | ₹26.00 | ₹2,600.00 | ₹2,60,000.00 |
| Hyderabad / Chennai | ₹27.00 | ₹2,700.00 | ₹2,70,000.00 |
| Gurugram / Haryana | ₹26.00 | ₹2,600.00 | ₹2,60,000.00 |
It was reported that tensions in West Asia and fears about supply of energy across the globe have maintained demand in the international market. The latest disruption of the flow of traffic at the Strait of Hormuz and volatile price of crude oil further boosted interest in safe havens among investors.
Gold might face ups and downs in its price, it continues to be a favoured choice of investment by the majority of households in India. The jewellers and bullion dealers feel that demand will be firm with the arrival of the festive and marriage season within months ahead.
Gold prices (may vary accordingly)
| City | 22K Gold (10g) | 24K Gold (10g) |
|---|---|---|
| Delhi | ₹1,37,300 | ₹1,48,081 |
| Mumbai | ₹1,34,950 | ₹1,49,381 |
| Kolkata | ₹1,37,300 | ₹1,50,281 |
| Chennai | ₹1,37,300 | ₹1,48,600 |
| Bengaluru | ₹1,34,950 | ₹1,50,381 |
| Hyderabad | ₹1,37,950 | ₹1,47,250 |
| Ahmedabad | ₹1,37,300 | ₹1,50,571 |
| Lucknow / U.P. | ₹1,34,500 | ₹1,41,230 |
Market analysts think that precious metals might witness volatility in the coming period owing to the release of economic data and indications issued by central banks. Although gold continues to retain its position as a safe haven investment choice, silver has been making its presence felt because of being a metal with both investment as well as industrial utility.
Also read: Gold demand rises as prices dip, Jewellers see Rise
It is said that investors should keep their eyes fixed on international events in the coming weeks with bullion prices staying susceptible to such events.
