Mumbai, June 10: Gold prices experienced a significant drop on Wednesday, creating a potential buying opportunity for consumers. The price fell to approximately ₹1.47 lakh per 10 grams.
According to the India Bullion and Jewellers Association (IBJA), the cost of 24-carat gold decreased by ₹5,373, bringing it down to ₹1,47,146 per 10 grams from the previous ₹1,52,519.
Similarly, the price of 22-carat gold dropped to ₹1,34,786 per 10 grams, down from ₹1,39,707. The price for 18-carat gold also fell, now standing at ₹1,10,360 per 10 grams, a decline from ₹1,14,389.
Silver prices also saw a decline, with the cost falling by ₹12,655 to ₹2,33,283 per kilogram, down from ₹2,45,938.
On the Multi Commodity Exchange (MCX), both gold and silver prices reflected this downward trend. As of the latest update, the August 5, 2026 gold contract was trading at ₹1,48,702, down by 2.45%, while the July 3, 2026 silver contract was at ₹2,33,621, down by 2.06%.
International markets mirrored this weakness, with gold trading at $4,171 per ounce, down by 2.67%, and silver at $63.618 per ounce, down by 2.51%.
Jatin Trivedi from LKP Securities noted that the decline in gold prices was due to profit-taking by traders ahead of upcoming inflation data from the U.S. The anticipated high inflation rate contributed to gold prices dropping below ₹1.50 per 10 grams on the MCX.
He further stated that support for gold is around ₹1,45,000, while ₹1,40,000 represents a strong demand zone. In a bullish scenario, ₹1,55,000 could act as a significant resistance level.
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