Gold Prices Pop, Drop & Shock – What’s Next for Your Investment?

Image Source: Bankbazaar

Gold prices in major Indian cities have experienced changes on June 8, mirroring the overall economic conditions and investor mood. Read on for a breakdown of the latest information:

Price Trends In Cities
Mumbai: 24-karat gold costs ₹97,000 for every 10 grams, and 22-karat gold is at ₹88,917 for every 10 grams.

New Delhi: Prices for 24-karat gold are ₹96,800 for every 10 grams, with 22-karat gold at ₹88,917 for every 10 grams.

Kolkata: Gold rates are unchanged at ₹96,840 per 10 grams for 24-carat and ₹88,917 per 10 grams for 22-carat.

Hyderabad: The 24-carat gold rate is ₹97,000 per 10 grams, and 22-carat gold rate is ₹88,917 per 10 grams.

Bengaluru: The gold rates are ₹97,000 per 10 grams for 24-carat and ₹88,917 per 10 grams for 22-carat.

Chennai: Prices are marginally higher, with 24-carat gold at ₹97,250 per 10 grams and 22-carat gold at ₹88,917 per 10 grams.

Factors Affecting Price Action
International Economic Trends: Gold prices have eased after disappointing US economic data and expectation of the Federal Reserve's interest rate move.

Geopolitical Risk: Continuous updates on the Russia-Ukraine war and US-China trade negotiations continue to shape investor mood.

Inflation Hedge: Gold has always beaten inflation, recording a 30 percent year-over-year gain and a 15 percent compound annual growth rate since 2001.

Silver Prices and Market Outlook
Silver Rates: Silver prices have also moved, with the MCX silver index trading at ₹96,039 per kilogram.

Investor Sentiment: Analysts indicate that gold and silver are safe-haven assets even in times of market volatility.

Final Considerations for Buyers
Retail Price: Jewellers can include making charges, tax, and GST, which impact the final buying price.

Investment Point of View: Experts suggest keeping an eye on international economic trends before investing.

Sources: Livemint, Indian Bullion Association, Angel One, Reliance Securities.