New Delhi, June 20: This week has seen a notable decline in gold and silver prices, with gold becoming cheaper by ₹2,800 and silver by over ₹10,600. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹2,830, now standing at ₹1,44,970 per 10 grams, down from ₹1,47,800.
The price of 22-carat gold has also fallen to ₹1,32,793 per 10 grams, down from ₹1,35,385. Similarly, 18-carat gold is now priced at ₹1,08,728 per 10 grams, a drop from ₹1,10,850.
The lowest price for gold this week was recorded on June 19 during the evening session, at ₹1,44,361 per 10 grams. The highest price was observed on June 16 in the morning session, reaching ₹1,50,663 per 10 grams.
Silver prices have also seen a significant drop. The current price for silver is ₹2,31,973 per kilogram, down by ₹10,609 from ₹2,42,582 per kilogram.
The highest price for silver this week was noted on June 15 during the evening session, at ₹2,51,488 per kilogram, while the lowest was recorded on June 19 in the morning session at ₹2,30,982 per kilogram.
IBJA releases the prices of gold and silver twice daily, in the morning and evening sessions.
Due to global instability, international gold prices have approached $4,170 per ounce, while silver is around $64 per ounce.
Experts attribute the decline in gold and silver prices to comments made by Federal Reserve Chairman Kevin Warsh regarding potential interest rate hikes, which have weakened the bullion market. Additionally, a stronger dollar has also impacted the prices of these precious metals.
Typically, an increase in interest rates puts pressure on gold and silver prices.
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