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Gold rate today: Gold June futures at MCX have seen a correction of Rs 4,000/10 grams (4%), opening at Rs 95,316/10 grams on Tuesday, following last week’s record high of Rs 99,358/10 grams.
Silver May futures experienced a modest decline, beginning at Rs 96,255/kg, representing a decrease of Rs 209 or 0.22%.
The decline in gold prices corresponds to a strengthening dollar, as there exists an inverse relationship between gold prices and dollar values.
This shift occurred after US President Donald Trump altered his position on reciprocal tariffs, delaying their implementation until July, whilst adopting a less confrontational stance towards China and confirming his intention to retain Federal Reserve Chair Jerome Powell.
The US Dollar Index, DXY, demonstrated positive movement, reaching 99.13, an increase of 0.12 or 0.12%.
Also Read | RBI’s gold buying spree continues! 57.5 tonnes added to gold reserves; second highest in 7 years
In anticipation of Akshaya Tritiya 2025, retail activity remains robust, with significant customer presence, especially in southern India where the festival holds cultural significance, according to Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions.
According to an ET report, he observed that elevated prices have influenced purchasing patterns, with customers preferring lighter jewellery and coins over heavy pieces. Retailers are adapting by introducing new collections, reducing making charges and promoting silver alternatives.
The festival period traditionally drives domestic sales significantly, with Indian consumers’ gold purchasing reaching its highest levels, representing both acquisition and auspicious significance.
“We look forward to a 10-15% spike in jewellery sales this season, supported by robust buying sentiments and price dynamics,” stated Colin Shah, MD, Kama Jewelry.
As gold prices reach unprecedented levels, consumers are encouraged to consider purchasing jewellery now, as further price increases are anticipated in the coming period, according to Shah.
Gold and silver markets showed positive movement in both domestic and international trading on Monday. The June futures for gold settled at Rs 96,025 per 10 grams, increasing by 1.09%, whilst silver May futures closed at Rs 96,464 per kilogram, gaining 0.02%.
Monday’s price increase was attributed to heightened tensions between India and Pakistan following a terrorist incident in Jammu and Kashmir, which led to increased safe-haven investment in precious metals.
Also Read | Gold prices hit Rs 1 lakh! What’s the outlook for gold and should you buy or sell the yellow metal? Explained
“Gold and silver prices strengthened following the Iranian port attack casualties reaching 70. Pakistan’s nuclear threats against India have elevated global market risk sentiment, leading to increased safe-haven investment in precious metals,” stated Manoj Kumar Jain from Prithvifinmart Commodity Research.
“This week, we anticipate continued volatility in gold and silver prices due to dollar index fluctuations and upcoming U.S. economic data releases. Gold is expected to maintain support at $3,200 per troy ounce, while silver should hold at $31.40 per troy ounce on weekly closings,” he continued.
Physical Market Gold Rates
Delhi Gold Prices
Standard gold (22 carat): Rs 57,672/8 grams
Pure gold (24 carat): Rs 61,496/8 grams
Mumbai Gold Prices
Standard gold (22 carat): Rs 57,176/8 grams
Pure gold (24 carat): Rs 60,544/8 grams
Chennai Gold Prices
Standard gold (22 carat): Rs 56,736/8 grams
Pure gold (24 carat): Rs 60,488/8 grams
Hyderabad Gold Prices
Standard gold (22 carat): Rs 57,144/8 grams
Pure gold (24 carat): Rs 60,920/8 grams
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