Gold Prices Today: The yellow metal was down at Rs 1,43,478 per 10 grams on the Multi Commodity Exchange (MCX) on Friday, 10 July, compared to its previous close of Rs 1,45,300, losing over 1.3%.
Silver also declined from its previous close of Rs 2,26,377 per kg to Rs 2,22,664 per kg on 10 July, losing over 1.6%.
Spot gold price on US Comex was around $4,091 per troy ounce, declining 0.55%, while silver was trading at $59.60 per troy ounce on the exchange, losing nearly 1% around 6:05 am today, 13 July.
Even amid escalating geopolitical tension, both gold and silver prices are under pressure because of other bearish factors, such as higher crude prices, pushing inflation upward, which in turn reduces the chances of Fed rate cuts. Higher interest rates make gold less attractive.
A firmer dollar is making the metal expensive for foreign countries, which is reducing demand and dragging prices down.
In the case of silver, another reason could be investors reducing exposure to industrial metals due to the ongoing global crisis.
Also Read: MCX Gold Trades Lower At Rs 1.43 Lakh As US-Iran Tensions Escalate
Gold Prices in Major Indian Cities
In Delhi, the yellow metal stood at Rs 1,43,520 per 10 grams.
In Mumbai, gold prices declined from Rs 1,45,610 per 10 grams to Rs 1,43,770.
In Kolkata, it was at Rs 1,43,580, down from its previous close at Rs 1,45,410.
Gold prices in Chennai led the southern part of the country, with the yellow metal at Rs 1,44,190.
In Hyderabad, gold prices ended at Rs 1,44,000, down from Rs 1,45,840.
Finally, in Bangalore, gold prices were at Rs 1,43,880, the lowest amongst the South Indian cities.
Also Read: Gold Prices In India: Check Rates In Mumbai, Delhi, Chennai, Kolkata, Bangalore And Hyderabad
Silver Prices in Major Cities in India
In Delhi, silver prices stood at Rs 2,22,210.
In Mumbai, the prices were at Rs 2,22,590, compared to the previous close at Rs 2,26,310 per kg.
In the eastern part of the country, in Kolkata, silver closed at Rs 2,22,300 per kg on Friday, down from its previous close at Rs 2,26,010 per kg.
In Chennai, the price stood at Rs 2,23,240 per kg, declining from its previous close at Rs 2,26,960 per kg.
In Hyderabad, the prices were at Rs 2,22,940 per kg.
In Bangalore, the price ended at Rs 2,22,770 per kg compared to its previous close at Rs 2,26,480 per kg.
Also Read: Gold, Silver Face Volatility Amid US-Iran Tensions, Crude Oil Spike: Analysts
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