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Gold And Silver Prices Today On June 10, 2024: Check Rates In Your City

Gold futures contracts expiring on August 05, 2024, traded at Rs 71,040 per 10 grams on the Multi Commodity Exchange (MCX) on June 10, 2024.

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Gold And Silver Prices Today On June 10
Gold And Silver Prices Today On June 10

Gold And Silver Prices Today On June 10: As of June 10, the price of 10 grams of gold stayed around Rs 71,000. Pure 24-carat gold was priced at Rs 71,660 per 10 grams, while 22-carat gold remained at Rs 65,690 per 10 grams. Silver, however, dropped to Rs 91,400 per kilogram.

Furthermore, India’s cultural significance of gold, especially during festivals and weddings, can affect demand levels due to its reliance on imported gold.

Gold futures contracts expiring on August 05, 2024, traded at Rs 71,040 per 10 grams on the Multi Commodity Exchange (MCX) on June 10, 2024. Silver futures contracts expiring on July 5, 2024, traded at Rs 89,416 per 10 grams.

Gold And Silver Prices Today On June 10

CITY 22 CARAT GOLD PRICE 24-CARAT GOLD PRICE
Delhi 65,840 71,810
Mumbai 65,690 71,660
Ahmedabad 65,740 71,710
Chennai 66,490 72,540
Kolkata 65,690 71,660
Gurugram 65,840 71,810
Lucknow 65,840 71,810
Bengaluru 65,690 71,660
Jaipur 65,840 71,810
Patna 65,740 71,710
Bhubaneshwar 65,690 71,660
Hyderabad 65,690 71,660

Gold’s retail price in India, which represents the final cost per unit weight for consumers, is determined by many factors beyond its intrinsic value.

Traditionally, gold has played a crucial role in weddings and festivals in India, serving as a major investment.

In the midst of continuous market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates.

Factors affected Gold Prices

Reserves of central banks

As central banks diversify their monetary reserves, the price of gold typically rises as they hold paper currencies and gold in reserve. Since 1971, the US abandoned the gold standard, central banks have bought the most gold. The pace of gold purchases increased in 2021 and again in 2022, with Turkey leading the way.

Dollar value

The price of gold is inversely related to that of the U.S. dollar, with a strong dollar keeping it lower and more controlled, and a weaker dollar driving it higher due to an increased demand for gold. The price of gold rises as the dollar’s value falls, and vice versa, making it a good hedge against inflation.

Demand for jewelry and industrial products worldwide

In the first half of 2022, jewelry accounted for 44% of gold demand, with India, China, and the US being major consumers. Technology and industrial applications, such as medical devices and precision electronics, account for 7.5% of gold demand. An increase in demand for consumer goods may result in an increase in gold prices, thereby influencing gold prices.

Also Read: Gold And Silver Prices Today On June 7, 2024: Check Rates In Your City

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