Gold prices remained firm on July 6 as global uncertainty, easing US rate hike expectations and geopolitical tensions supported bullion, while silver prices witnessed a marginal decline.
Key Highlights
- Gold posts first weekly gain since May amid geopolitical tensions.
- 24-carat gold trades around Rs 14,672 per gram in most major Indian cities.
- Chennai records the highest gold price among metro cities.
- Silver slips slightly to Rs 2,49,900 per kg across key markets.
- Global events and Fed outlook continue to drive precious metal prices.
New Delhi, July 6: Gold prices remained elevated across India on Monday, supported by persistent global uncertainty and improving investor demand for safe-haven assets. The precious metal has registered its first weekly gain since May, reflecting renewed buying interest amid easing expectations of aggressive US Federal Reserve interest rate hikes and continuing geopolitical tensions in West Asia.
According to market data, 24-carat gold is priced at Rs 14,672 per gram in Mumbai, Kolkata, Bengaluru, Hyderabad and several other cities. In Delhi, the rate stands slightly higher at Rs 14,687 per gram, while Chennai continues to record the highest prices among major metros at Rs 14,945 per gram. The corresponding 22-carat gold price is Rs 13,449 per gram in most cities and Rs 13,699 per gram in Chennai.
The bullion market has remained volatile over the past few weeks as investors closely monitor developments surrounding the ongoing US-Iran conflict and global economic indicators. Gold traditionally attracts buyers during periods of uncertainty because it is considered a relatively safer investment compared to riskier financial assets.
Data from the India Bullion and Jewellers Association (IBJA) showed that the price of 10 grams of 24-carat gold climbed significantly during the past week, highlighting strong momentum in the domestic market. On the commodities exchange, MCX gold futures traded largely unchanged in the latest session, indicating that traders are awaiting fresh global cues before taking new positions.
Silver prices, meanwhile, witnessed a marginal decline. The metal is currently trading at Rs 249.90 per gram, while one kilogram of silver costs Rs 2,49,900 in most major cities. Chennai, Hyderabad and Kerala continue to report relatively higher silver prices than several other regions.
Industry experts say gold prices are influenced by multiple factors, including international bullion rates, the strength of the US dollar, crude oil prices, central bank policies and domestic jewellery demand. Seasonal buying during festivals and wedding seasons also plays a significant role in determining local prices.
With financial markets remaining sensitive to global geopolitical developments and interest rate expectations, analysts believe gold and silver prices may continue to witness short-term fluctuations. Investors are advised to track market trends closely before making fresh investment or jewellery purchase decisions.
