Gold Prices Drop In India: 24K/100 Grams Yellow Metal Falls By Rs 20,800, Sharp Fall In Silver Too

Gold prices India witnessed biggest decline in months today after reports surfaced that China's central bank halted gold buying in May when spot gold prices touched a record high after 18 months of continuous buying. 22k gold prices today fell by Rs 1900 to Rs 65,700/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 19,000 in India today.

24k gold prices today fell by Rs 2080 to Rs 71,670 and 100 grams of 24 carat precious metal fell massively by Rs 20,800 to Rs 7,16,700 in the country on June 8, 2024.
18k gold prices today slipped by Rs 1550 to Rs 53,760/10 grams and 100 grams of 18 carat yellow metal got cheaper by Rs 15,500 to Rs 5,37,600 in India on Saturday.

The People's Bank of China (PBOC) did not add to its strategic reserves for first time since October 2022. It held 72.80 million troy ounces of gold at the end of May, unchanged from the end of April, according to Reuters. "China is nowhere near done buying gold," said Ole Hansen, head of commodity strategy at Saxo Bank.

The Reuters report added, "if we get a weak jobs report today and with that increased focus on US rate cuts, we could see ETF investors pick up the baton that the PBOC, temporarily, in my opinion, has dropped on the floor," Hansen said.

Spot Gold, Spot Silver Prices Today: Spot gold fell 1.8% to $2,333.69 per ounce as of 1123 GMT. Bullion reversed nearly all its weekly gains after the data and is now up only 0.3% so far this week. Spot silver fell 2.9% to $30.39 per ounce, platinum was down 1.3% at $989.55, and palladium lost 1.1% to $919.50, according to Reuters.

Silver Prices Today: There is huge drop in silver prices too in India on June 8. Silver prices in India today fell sharply by Rs 4,500 to Rs 91,500/kg and 100 grams of silver prices today got cheaper by Rs 450 to Rs 9,150.

22k/10 Grams Gold Price Movement In Last 10-Days In India
Gold price today recorded massive drop by Rs 1900, soared by Rs 300 on June 7, jumped by Rs 700 on June 6, fell by Rs 200 on June 5, soared by Rs 700 on June 4, fell by Rs 400 on June 3, remained unchanged on June 2, fell by Rs 200 on June 1, held steady on May 31, slipped by Rs 400 on May 30, rallied by Rs 250 on May 29, and jumped by Rs 200 on May 28.

1kg Silver price India movement in last 10-days
Silver prices today fell sharply by Rs 4500, surged by Rs 2500 on June 7, jumped by Rs 1800 on June 6, fell sharply by Rs 2300 on June 5, remained unchanged on June 4, slipped by Rs 700 on June 3, remained unchanged on June 2, declined by Rs 2000 on June 1, fell by Rs 1000 on May 31, fell by Rs 1200 on May 30, jumped by Rs 1200 on May 29, rallied by Rs 3500 on May 28, and surged by Rs 1500 on May 27.

1 Gram of 22k Gold prices In 5 Key Metropolitan Cities Of India On June 8, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,650

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on June 8 is Rs 6,570

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on June 8, 2024 is Rs 6,570

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on June 8 is Rs 6,570