Gold Rate Today in India, June 17: 24K, 22K, 18K Gold Prices Drop for Second Day Ahead of Fed Policy Decision

Gold prices in India are marginally down on Wednesday, with rates falling across all major purities. This is the second consecutive day of decline recorded in gold rate today, which fell, offering some relief to buyers after the bullish phase.

The major factors influencing gold prices at present are the recently proposed US-Iran peace agreement and the US Federal Reserve's monetary policy decision. Markets are now looking forward to the signing of an interim peace deal between the United States and Iran, which is expected to take place in Switzerland on Friday, June 19. At the same time, the Federal Reserve's policy announcement is due later today which could majorly impact gold prices.

Gold Rate In India Today

On June 17, the 24-carat gold rate slipped by Rs. 27 per gram to Rs. 15,110, while 22-carat gold rate fell by Rs. 25 to Rs. 13,850 per gram. Meanwhile, 18-carat gold price was retailing Rs. 11,332 per gram, down Rs. 21 from the previous session.

The drop was also seen in larger quantities, with 10 grams of 24K gold price tumbling by Rs. 270 to retail at Rs. 1,51,100 and 22K gold rate slipped by Rs. 250 and is now priced at Rs.1,38,500.

Silver rates in India today

Silver prices in India on 17 June continued the stability for a second consecutive day. Silver rates in India per kilogram costs Rs. 2,65,000 per kg. The price of 100 grams of silver was Rs. 26,500.

MCX Gold and Silver Futures

Gold and silver futures traded lower in the commodities market on Wednesday, due to cautious sentiment among investors. At the time of writing, the August 5th gold contract declined by Rs. 518, or 0.34%, to trade at Rs. 1,52,573 per 10 grams.

Meanwhile, the July 3 silver contract slipped by Rs. 944, or 0.38%, to Rs. 2,49,161 per kilogram.

MCX Gold Aug is expected to rise towards Rs. 154,500- Rs. 155,500 level as long as it stays above Rs. 151,500 level. Meanwhile, MCX Silver July is expected to rise towards Rs. 2,53,000- Rs. 2,56,000 level as long as it stays above Rs. 2,45,000 level." as per the ICICI Direct Research Report.

Spot Gold Price and spot Silver Price Update

Spot Gold prices in the international market slipped lower on Wednesday, with spot gold declining by $5.86, or 0.14%, to $4,328.74 per ounce, according to GoldPrice.org.Meanwhile, silver edged higher, rising by $0.06, or 0.08%, to trade at $69.99 per ounce.

"Spot Gold is likely to rise towards $4400 level on weakness in the dollar and softening of US treasury yields. Further, gold prices may rally as the US and Iran agreed to end war, which may restore oil flows through the Persian Gulf, easing fears about persistent inflation and potential rate hike by the US Federal Reserve. Investors will keep an eye on agreement details and both nations have to negotiate on a permanent truce." the ICICI report further added.

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