Gold Price in India Soars on June 7: 24k Gold Sees Significant Rise
Gold prices in India saw a substantial increase today, following the Monetary Policy Committee’s (MPC) decision to maintain the benchmark repo rate at 6.5% for the eighth consecutive time. This decision, led by Governor Das, was made by a 4:2 majority.
The price of 22k gold rose by ₹300 to ₹67,600 per 10 grams, and 100 grams surged by ₹3,000 to ₹6,76,000. Similarly, 24k gold prices increased by ₹330 to ₹73,750 per 10 grams, with 100 grams soaring by ₹3,300. Notably, 100 grams of 24k gold jumped by ₹11,000 over just two days, and 10 grams rose by ₹1,100 in the same period.
In addition, 18k gold prices increased by ₹250 to ₹55,310 per 10 grams, and 100 grams jumped by ₹2,500 to ₹5,53,100. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited, noted that gold prices reached a two-week high, trading above ₹73,000, driven by a weaker Dollar Index and low US bond rates. Expectations of a Fed rate cut and slowing US economic activity have also contributed to this rise.
Globally, spot gold fell by 0.2% to $2,371.04 per ounce, while spot silver declined by 0.5% to $31.16 per ounce. Platinum rose by 0.4% to $1,006.75, and palladium dropped by 0.2% to $928.25, according to Reuters.
