Gold price in India fell to Rs 97,380 per 10 grams as of 7:25 a.m. on May 8, according to the India Bullion Association. The decline comes after US Federal Reserve kept the key interest rates unchanged in the zone of 4.25% to 4.5% for the third time in a row.
Rates in New Delhi also saw a fall at Rs 97,040 per 10 grams, according to the association. The price in Mumbai was lower at Rs 97,210. In Kolkata, the rate fell to Rs 97,080. While in Bengaluru, the rate was at Rs 97,280. Chennai continues to have the highest rate in the nation, with prices at Rs 97,490.
The futures prices for the yellow metal on the Multi Commodity Exchange fell to Rs 97,051 for the June 5 futures. The gold price had crossed the Rs 97,000 per 10-gram mark for the first time on the MCX in April, touching fresh highs.
Gold prices have been climbing due to a combination of economic uncertainty, geopolitical tensions, and strong demand from central banks.
Leading the charge for economic uncertainty are expectations of a potential trade war which were offset by April 2 'Liberation Day' tariffs imposed by US President Donald Trump on multiple countries and China imposing retaliatory tariffs on the US.
The gold spot price was up 1.18% as it traded at $3,404.23 on Thursday. Notably the precious metal has been steadily climbing to record highs over the past six months as it recently hit an all-time high of $3,500 on April 22.
Gold prices crossed the $3,500-an-ounce mark for the first time ever in April.
Silver Rates Today
Silver price also fell to Rs 95,840 after crossing the Rs 1 lakh mark multiple times in the past couple of months, according to the India Bullion Association.
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