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Gold And Silver Prices Today On June 9, 2024: Check Rates In Your City

In India, gold is regarded as a key investment and plays an important role in traditional weddings and festivals.

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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 9: Gold prices remained around Rs 71,000 on June 09, with pure 24-carat gold priced at Rs 71,670 per 10 grams and 22-carat gold at Rs 65,700. Silver prices, however, dropped to Rs 91,500 per kilogram.

In addition, the cultural significance of gold in India, particularly during festivals and weddings, can influence demand levels, considering the country’s reliance on imported gold.

Gold And Silver Prices Today On June 9

CITY 22 CARAT GOLD PRICE 24-CARAT GOLD PRICE
Delhi 65,850 71,820
Mumbai 65,700 71,670
Ahmedabad 65,750 71,720
Chennai 66,500 72,550
Kolkata 65,700 71,670
Gurugram 65,850 71,820
Lucknow 65,850 71,820
Bengaluru 65,700 71,670
Jaipur 65,850 71,820
Patna 65,750 71,720
Bhubaneshwar 65,700 71,670
Hyderabad 65,670 71,670

Several factors beyond the metal’s intrinsic value affect the retail price of gold in India.

In India, gold is regarded as a key investment and plays an important role in traditional weddings and festivals.

Traders and investors closely monitor these dynamics amid ongoing market fluctuations. Stay tuned for further updates.

In his remarks, HDFC Securities’ Head of Commodities and Currency, Anuj Gupta said that the US job data released on Thursday was disappointing for the market, and this has led to a rise in gold prices around the world. As a result, the US dollar price and treasury yields have been pushed downward, fueling interest in a US Fed rate cut.”

“Investors are expecting the Federal Reserve to cut interest rates after weak US jobs data,” Angel One expert said.

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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