Gold Rates In India Today Down Up To Rs 1,100, Silver Rate Drops Harder By Rs 5,000; 24K, 22K, 18K Gold Price

Gold rates in India dropped as much as Rs 1,100 in 24 carat on July 6th, starting the week on a bearish note. But it would be silver rates in India that crashed harder by Rs 5,000 in 999 purity. Precious metals reversed their gaining momentum due to a renewed uptrend in the dollar, which is closer to the 101 mark. Also, selling pressure in spot gold and MCX gold further added to woes. 10 grams gold price is now around Rs 1,46,620 in 24 carat, while 22 carat and 18 carat gold rates stood at Rs 1,34,400 and Rs 1,09,970 per 10 grams.

Gold Rates In India Today

On July 6th, 24 carat gold price dropped by Rs 1,100 to Rs 14,66,200 per 100 grams and dipped by Rs 110 to Rs 1,46,620 per 10 grams. Also, 8 grams and 1 gram gold price are lower by Rs 88 and Rs 11 to Rs 1,17,296 and Rs 14,662 respectively.

Furthermore, 22 carat gold price declined by Rs 1,000 to Rs 13,44,000 per 100 grams and slipped by Rs 100 to Rs 1,34,400 per 10 grams. Here as well, 8 grams and 1 gram gold rates edged lower by Rs 80 and Rs 10 to Rs 1,07,520 and Rs 13,440 respectively.

Under 18 carat, 100 grams gold price fell by Rs 800 to Rs 10,99,700 and 10 grams gold tumbled by Rs 80 to Rs 1,09,970. Furthermore, 8 grams gold is down by Rs 64 to Rs 87,976 and 1 gram gold is down by Rs 8 to Rs 10,997.

Silver Rates In India Today

Unlike gold, silver prices underperformed on July 6th. 1Kg silver rate plunged by Rs 5,00 to Rs 2.45 lakh and 100 grams silver is down by Rs 500 to Rs 24,500. Also, 10 grams silver dipped by Rs 50 to Rs 2,450. Here, 8 grams silver is lower by Rs 40 to Rs 1,960 and 1 gram silver stood at Rs 245 after recording Rs 5 decline.

What Is Impacting Gold & Silver Rates In India?

The latest decline is attributed to a surge in the dollar, which is currently trading near the 100.97 mark, offsetting the positive support from lower crude oil prices and a decline in the probability of a rate hike to 50% from earlier 66% probability expectations.

"Commodity markets ended the week on a cautiously positive note as investors weighed softer U.S. economic data, shifting expectations for Federal Reserve policy, movements in Treasury yields and the U.S. dollar, and developments in global energy markets," said Ponmudi R., CEO of Enrich Money.

Nonetheless, experts are optimistic for precious metals this week. Both the precious metals have risen for two consecutive weeks, with gold surging by 1% last week. This was due to weaker-than-expected US jobs data.

The ISM Manufacturing PMI came in at 53.3, below the market expectation of 53.8, while Non-Farm Payrolls rose by just 57,000 compared with the forecast of 114,000. The softer data reduced expectations of further interest rate hikes, providing support to gold prices, as per analysts at Axis Direct.

In addition, a less hawkish tone
from Fed Chairman Warsh further strengthened bullish sentiment and helped prices remain supported at lower levels.

Looking ahead, analysts at Axis said, the release of the FOMC meeting minutes this week is expected to keep gold prices volatile as markets seek further clarity on the Federal Reserve's policy outlook.

However, Ponmudi also believes that sentiment in precious metals is expected to remain closely tied to upcoming U.S. inflation data and evolving expectations for the Fed's policy trajectory.

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