Sharp Drop In Gold Price India, Aug 6: 24K/100 Grams Gold Slips By Rs 8,700, Silver Falls By Rs 3,200

Gold prices in India on August 6 witnessed sharp drop on August 6 amid wider market sell off triggered by soaring economic worries. However, analysts feel it would be a temporary correction. 22k gold prices today in India stood at Rs 63,900/10 grams after decline by Rs 800 and 100 grams of 22 carat yellow metal prices today slipped by Rs 8000 to settle at Rs 6,39,000. 24k yellow metal prices in the country today fell by Rs 870 to Rs 69,710/10 grams and 100 grams precious metal prices today slipped by Rs 8,700 to Rs 6,97,100.

Meanwhile, 18k gold prices today dived by Rs 660 to Rs 52,280/10 grams and 100 grams of 18 carat yellow metal prices declined by Rs 6,600 to Rs 5,22,800.

According to Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited, "Precious metals saw broad-based selling as they fell prey to deleveraging across financial markets. A worsened risk-off sentiment continues to impact traders, as worries of a US recession sparked a sell-off in the major stock market indices. Following two negative economic reports, the Federal Reserve is expected to lower interest rates by 50 basis points at its September meeting. The CME Fed Watch tool indicates the likelihood of a 50-bps Fed rate drop at the September meeting at 85%."

Recent US statistics revealed a weakening manufacturing sector and a decreased demand for workforce. The US Unemployment Rate reached its highest level since November 2021 at 4.3%, while the Manufacturing PMI for July contracted faster to 46.8. Increasing Middle East tensions capped bullion losses as Israel awaits a response from Iran and Lebanon following the assassination of the Hamas leader earlier in the week. It is revealed that a US base in Iraq was targeted by several missiles, added Kothari.

Silver prices India too recorded strong fall on Tuesday as 1kg silver prices today fell by Rs 3200 to Rs 82,500.

According to Reuters, "investors are spooked and they're selling what they can, and that includes gold and silver," said Jim Wycoff, senior analyst at Kitco Metals.

Spot Gold, Spot Silver Prices Today: After falling as much as 3.2% earlier in the session, spot gold pared some losses to trade 1.6% lower at $2,404.53 an ounce by 14:00 p.m. ET (1800 GMT). U.S. gold futures settled 1% lower at $2,444.4. Spot silver was down 5.1% at $27.10, according to Reuters.

According to Dr. Renisha Chainani, Head Research - Augmont - Gold For All, "Precious metals saw broad-based selling as it fell prey to deleveraging across financial markets. A worsened risk-off sentiment continues to impact traders, as worries of a US recession sparked a sell-off in the major stock market indices. The Federal Reserve is expected to lower interest rates by 50 basis points at its September meeting, following two negative economic reports. The CME Fed Watch tool indicates the likelihood of a 50-bps Fed rate drop at the September meeting at 85%.

Recent US statistics revealed indications of a weakening manufacturing sector and a decreased demand for workforce. The US Unemployment Rate reached its highest level since November 2021 at 4.3%, while the Manufacturing PMI for July contracted at a faster rate to 46.8. Increasing Middle East tensions capped bullion losses as Israel awaits a response from Iran and Lebanon following the assassination of the Hamas leader earlier in the week. It is revealed that a US base in Iraq was targeted by several missiles, said Renisha Chainani.

Silver Prices Today In India: Silver price in India today slipped by Rs 3200 to Rs 82,500. 100 grams silver prices today in India fell by Rs 320 to Rs 8,250.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold prices in India today slipped by Rs 800, remained steady on August 5, stayed unchanged on August 4, slipped by Rs 100 on August 3, surged by Rs 300 on August 2, zoomed by Rs 500 on August 1, surged by Rs 800 on July 31, declined by Rs 200 on July 30, rallied by Rs 150 on July 29, stayed steady on July 28, soared by Rs 250 on July 27, and slipped by Rs 1000 on July 26.

1kg Silver price India movement in last 10-days

Silver price in India today declined by Rs 3200, surged by Rs 200 on August 5, ,remained stable on August 4, declined sharply by Rs 1700 on August 3, rallied by Rs 100 on August 2, rose by Rs 600 on August 1, rallied by Rs 2000 on July 31, declined by Rs 500 on July 30, rose by Rs 500 on July 29, remained steady on July 29, July 27, and July 26.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 6, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,400

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on August 6 is Rs 6,390

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on August 6 is Rs 6,405

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on August 6, 2024 is Rs 6,390

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on August 6 is Rs 6,390

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on August 6 is Rs 6,390.