Gold and Silver Prices Crash: Gold and silver moved lower again on Friday, June 26. The market stayed weak for another day because the US dollar stayed strong and many traders think the US Federal Reserve may keep interest rates high for some more time.
Reuters said gold was still heading for a fourth weekly fall in a row, even though it had a small rise in global trade on Friday. Spot gold was up 0.3% at $4,038.48 an ounce, and US gold futures for August delivery rose 0.2% to $4,053.80 an ounce.
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How Much Gold Fell in India
In the Indian market, 24-carat gold dropped sharply by Rs 940 for 10 grams. It came down from Rs 1,41,070 on June 25 to Rs 1,40,130 on June 26. The 22-carat gold rate also went down. It fell by Rs 860 for 10 grams, moving from Rs 1,29,220 to Rs 1,28,360. Business Standard reported the same fall in early trade and said the price of 24 carat gold was Rs 1,41,320 per 10 grams, while 22 carat gold was Rs 1,29,540 per 10 grams in the live market.
GoodReturns showed 18K gold at Rs 10,620 per gram in India, which means Rs 1,06,200 for 10 grams. The same source showed 18K rates at Rs 10,620 in Mumbai, Kolkata, Bengaluru and Hyderabad. Delhi was slightly higher at Rs 10,635 per gram, Chennai was at Rs 11,075 per gram, and Ahmedabad was at Rs 10,625 per gram.
| City | 18 Karat Gold (Per 10g) | 22 Karat Gold (Per 10g) | 24 Karat Gold (Per 10g) |
|---|---|---|---|
| Noida | Rs 1,06,350 | Rs 1,29,690 | Rs 1,41,470 |
| Lucknow | Rs 1,06,350 | Rs 1,29,690 | Rs 1,41,470 |
| Delhi | Rs 1,06,350 | Rs 1,29,690 | Rs 1,41,470 |
| Mumbai | Rs 1,06,200 | Rs 1,29,540 | Rs 1,41,320 |
| Bengaluru | Rs 1,06,200 | Rs 1,29,540 | Rs 1,41,320 |
| Chennai | Rs 1,10,750 | Rs 1,31,390 | Rs 1,43,340 |
| Hyderabad | Rs 1,06,200 | Rs 1,29,540 | Rs 1,41,320 |
| Kolkata | Rs 1,06,200 | Rs 1,29,540 | Rs 1,41,320 |
| Ahmedabad | Rs 1,06,250 | Rs 1,29,590 | Rs 1,41,370 |
| Patna | Rs 1,06,250 | Rs 1,29,590 | Rs 1,41,370 |
Latest silver prices across key cities
| City | Price Per 10 Grams | Price Per 1 Kilogram |
| Noida | Rs 2,400 | Rs 2,40,000 |
| Lucknow | Rs 2,400 | Rs 2,40,000 |
| Delhi | Rs 2,400 | Rs 2,40,000 |
| Mumbai | Rs 2,350 | Rs 2,35,000 |
| Bengaluru | Rs 2,350 | Rs 2,35,000 |
| Kolkata | Rs 2,350 | Rs 2,35,000 |
| Ahmedabad | Rs 2,350 | Rs 2,35,000 |
| Pune | Rs 2,350 | Rs 2,35,000 |
| Chennai | Rs 2,300 | Rs 2,30,000 |
| Hyderabad | Rs 2,300 | Rs 2,30,000 |
Silver also stayed weak. Business Standard said silver fell by Rs 100 per kilogram and was trading at Rs 2,34,900, after a much bigger drop of Rs 10,000 on June 25. Reuters added that spot silver was down 0.01% at $57.86 per ounce, and other precious metals were also set for weekly losses. Analysts said the main things to watch now are the dollar, inflation, and what the Fed does next.
