Gold Price Crash On Eid-Al-Adha, June 7: 24K/100g Gold Falls By Rs.16,300 Chennai & Bangalore Today

After a week-long rally, gold rates dropped sharply today, bringing a wave of relief for gold buyers and investors. At the beginning of June 2025, gold prices in Bangalore and gold rates in Chennai had been rising sharply due to strong demand during the peak of the Indian wedding season.

Now, as the wedding season nears its end, demand for gold jewellery has started to cool off, leading to a correction in gold prices. The most significant drop has been seen in 24-carat gold, which fell by a whopping Rs 16,300 per 100 grams.

In a similar manner, the 100 grams of 22-carat gold stand at Rs 8,98,000 after dropping Rs 15,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,97,900, which dropped by Rs 16,300.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on August 5, 2025, closed on Friday at Rs 97,051 after rising 0.02%. Similarly, silver futures, which are set to expire on July 4, 2025, rose by 0.06 % to settle at Rs 1,05,525 at the end of trading hours on June 6th.

Market Outlook for Gold Prices

"Silver surged to the highest in 13 years on Thursday, powered by a technical breakout, as investors broadened demand for the safety of precious metals beyond gold. Spot silver rose as much as 4.5% to above $36.06 an ounce, the highest level since February 2012. The rally was likely driven by a combination of technical momentum, improving fundamentals and broader investor interest. The two precious metals often move in tandem as geopolitical ructions support demand for assets free from any counterparty. Gold is up 42% in the last 12 months, as an expanding US-led tariff war bolstered its appeal as a haven and central banks maintained elevated levels of buying. Meanwhile, reports on Wednesday showed a contraction in US services activity and slower hiring. Treasury yields fell after the prints, with swap traders pricing in two Federal Reserve interest rate cuts in October and December. Lower rates are typically a tailwind for gold and silver, which don't bear interest."

Spot Gold Prices + Spot Silver Price Today

As per Latest Reuters Commodity report, "Spot gold fell 1.1% to $3,316.13 an ounce, as of 02:28 p.m. ET (1828 GMT), but rose 0.8% for the week so far. U.S. gold futures settled 0.8% lower at $3,346.60. Spot silver fell 0.5% to $35.96, after hitting a more than 13-year high earlier."

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