Highlights
• 24-carat gold price declined ₹10 to ₹1,55,720 per 10 grams.
• 22-carat gold slipped ₹10 to ₹1,42,740 per 10 grams.
• Silver prices fell ₹100 to ₹2,74,900 per kg.
• Gold prices in Delhi stood at ₹1,55,870 for 24-carat gold.
• Chennai recorded the highest gold price at ₹1,57,950 per 10 grams.
• Global gold prices dropped over 2% after strong US jobs data.
• Expectations of prolonged higher US interest rates weighed on bullion.
• Gold demand remained subdued in India, while premiums eased in China.
New Delhi, June 6: Gold prices slipped marginally in the domestic market on Saturday, while silver also extended losses, tracking weakness in global bullion markets amid concerns that US interest rates may remain elevated for a longer period.
According to market data compiled by GoodReturns, the price of 24-carat gold declined by ₹10 to ₹1,55,720 per 10 grams in early trade. Similarly, the price of 22-carat gold fell ₹10 to ₹1,42,740 per 10 grams.
The yellow metal witnessed a mixed trend across major Indian cities. In Mumbai, Kolkata, and Hyderabad, 24-carat gold was priced at ₹1,55,720 per 10 grams, while Chennai recorded a higher rate of ₹1,57,950. In the national capital, Delhi, 24-carat gold was selling at ₹1,55,870 per 10 grams.
For 22-carat gold, prices stood at ₹1,42,740 per 10 grams in Mumbai, Kolkata, Bengaluru, and Hyderabad. Chennai continued to command a premium, with the precious metal trading at ₹1,44,290 per 10 grams. In Delhi, 22-carat gold was priced at ₹1,42,890 per 10 grams.
Silver prices also softened on Saturday. The white metal declined by ₹100 to ₹2,74,900 per kilogram in Delhi, Mumbai, and Kolkata. In Chennai, silver prices remained higher at ₹2,79,900 per kilogram.
The decline in domestic bullion prices mirrored global market trends. International gold prices came under pressure after stronger-than-expected US employment data reinforced expectations that the US Federal Reserve could maintain higher interest rates for an extended period. Higher interest rates generally reduce the appeal of non-yielding assets such as gold.
In the international market, spot gold fell more than 2 per cent to $4,365.93 per ounce, while US gold futures for August delivery dropped 2.5 per cent to $4,390.70 per ounce. The precious metal also touched its lowest level since late March during the trading session.
Market analysts noted that gold prices have remained under pressure due to persistent inflation concerns and geopolitical uncertainties, particularly the ongoing conflict in the Middle East. However, stronger economic indicators from the United States have shifted investor focus toward interest rate expectations, limiting the upside potential for bullion.
Meanwhile, demand for physical gold remained subdued in India during the week, while premiums in China eased. Other precious metals also witnessed declines, with silver, platinum, and palladium all heading toward weekly losses, reflecting broader weakness across the global commodities market.
