Gold, Silver Prices Cool Off — Check Prices In Mumbai, Chennai, And Other Cities

Gold and silver prices were dropped on Monday as the demand for safe haven assets eased slightly.

This follows the volatile prices of precious metals last week, when the conflict between Israel and Iran in the Middle East was destabilising relatively riskier asset classes, leading to a spike in haven assets.

Gold price was trading at Rs 95,790 per 10 grams, down from its all time high of Rs 1,00,480 per 10 grams, as per the India Bullion Association.

Gold prices reached an all-time high, following Israel's military operations against Iran's nuclear power plant sites. However, tensions eased with US President Donald Trump announced that Israel and Iran have agreed to a "complete and total ceasefire".

In New Delhi, the price stood at Rs 95,450 per 10 grams, compared to Rs 96,950 per 10 grams on Friday. Gold price in Mumbai was Rs 95,620 per 10 grams, against Rs 97,120 per 10 grams.

In Kolkata, the rate was Rs 95,490 per 10 grams, while in Bengaluru the rate stood at Rs 95,690. Price for the precious commodity was the highest in Chennai, trading at Rs 95,890 per 10 grams.

Gold spot price was 0.01% lower at $3,273.16 an ounce on Monday.

Aug. 5 futures for the yellow metal saw a 1.61% decline to Rs 95,524, according to the Multi Commodity Exchange.

Silver Prices

Silver price fell on Monday, standing at Rs 1,06,460 per kg, compared to Rs 1,07,250 per kg on Friday. July 4 futures for the commodity saw a 1.36% decline to stand at Rs 1,05,300 per kg.

Silver spot price was trading at $36.03 on June 30.