What was the price of 24 carat gold per 10 grams in Delhi on June 8? In which city the rate of silver was recorded at ₹2,69,900 per kg? Which metal is considered a “safe-haven” investment by investors during times of economic uncertainty? What are any two major factors increasing the prices of gold?
New Delhi: On June 8, a rise in gold prices was seen in India. Investors are keeping an eye on economic developments around the world, currency fluctuations and bullion market trends. Everyone’s eyes are on this precious metal amid the ongoing political turmoil around the world and expectations of decisions regarding interest rates in major economies. At the same time, silver prices remained largely stable, which shows the cautious attitude of investors in the commodity market. According to the latest data of bullion market, gold rates have increased in many big cities including Delhi, Mumbai, Bengaluru, Chennai, Hyderabad and Kolkata.
Latest rates of gold and silver on June 8
| City | 22 carat gold (10 grams) | 24 carat gold (10 grams) | silver (1 kg) |
| Delhi | ₹ 1,40,140 | ₹ 1,55,900 | ₹ 2,64,900 |
| Mumbai | ₹ 1,39,990 | ₹ 1,52,720 | ₹ 2,64,900 |
| Bengaluru | ₹ 1,39,990 | ₹ 1,52,720 | ₹ 2,64,900 |
| Chennai | ₹ 1,41,990 | ₹ 1,54,900 | ₹ 2,69,900 |
| Hyderabad | ₹ 1,39,990 | ₹ 1,52,720 | ₹ 2,69,900 |
| Kolkata | ₹ 1,39,990 | ₹ 1,52,720 | ₹ 2,64,900 |
Note: Rates may vary slightly across jewelers due to making charges, GST and local market conditions.
Why are gold prices increasing?
Amidst economic uncertainty worldwide, investors are turning to gold for stability. Market experts say that gold prices are getting support from many things, such as geopolitical tension, fluctuations in the US dollar, purchases by central banks and changing expectations regarding interest rates. Whenever there is market turmoil, gold is considered a ‘safe-haven’ i.e. safe investment. Therefore, any sign of an economic slowdown, inflation concerns or international conflict increases the demand for gold. Silver has also benefited from industrial demand, especially from sectors like renewable energy, electronics and manufacturing. However, there was less movement in its price compared to gold.
What are investors keeping an eye on?
Bullion traders are closely following developments in international markets, including crude oil prices, inflation data and policy cues from central banks. These factors may decide the direction of gold and silver prices in the coming weeks. Experts believe that even if there may be price fluctuations in the short-term, for long-term investors precious metals remain an important means of diversifying the portfolio. Jewelery buyers are also keeping an eye on prices on a daily basis as the wedding season and festival shopping also increase market activity across India. With economic uncertainty still prevailing across the world, gold and silver will remain in focus for both investors and consumers.