On June 8, the gold rate in India experienced a dip as the price of 10 grams of gold fell amid weak demand in the spot market. The price of pure 24-carat gold was recorded at Rs 71,670 per 10 grams, while 22-carat gold stayed around Rs 65,700 per 10 grams. This decline in prices was also reflected in the retail market across major cities in India.
India’s dependency on imported gold significantly influences domestic prices, which closely follow global trends. The cultural importance of gold in India, especially during festivals and weddings, can also impact demand levels and subsequently the prices.
In various cities, the cost of 22-carat gold and 24-carat gold on June 8 was as follows:
– Delhi: Rs 65,850 and Rs 71,820
– Mumbai: Rs 65,700 and Rs 71,670
– Chennai: Rs 66,500 and Rs 72,550
– Kolkata: Rs 65,700 and Rs 71,670
– Bengaluru: Rs 65,700 and Rs 71,670
The Multi Commodity Exchange (MCX) remained closed on June 8, as it does on weekends, affecting trading activities. The retail price of gold, which reflects the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.
With ongoing market fluctuations, investors and traders are closely monitoring these dynamics. Gold continues to hold significant cultural and investment importance in India, shaping its pricing trends. Stay tuned for further updates on this evolving story.
