Gold Rate Today: Retail Gold Prices Cross ₹1 Lakh per 10 gm, Gold June Futures Touch Record ₹99,178 on MCX
Gold Rate Today: Retail Gold Prices Cross ₹1 Lakh per 10 gm, Gold June Futures Touch Record ₹99,178 on MCX
Gold June futures on the Multi Commodity Exchange (MCX) reached a new record high of ₹99,178 per 10 grams on Tuesday, marking a rise of approximately ₹1,900 from the previous session, after retail prices surpassed the ₹1 lakh threshold.
In the physical market on Monday, gold was trading at ₹97,200 per 10 grams before GST. With the inclusion of the 3% GST, retail prices rose above the significant ₹1 lakh per 10 grams level.
Meanwhile, Silver May futures opened 0.33% higher at ₹95,562 per kg, showing a gain of ₹315.
In the previous trading session, both precious metals recorded positive closings in domestic and international markets. Gold June futures ended at ₹97,279 per 10 grams, up 2.13%, while Silver May futures closed at ₹95,247 per kilogram, gaining 0.22%.
Global uncertainty triggered significant price movements in gold and silver markets. The US Dollar Index (DXY) dropped to 3-year lows, trading around 98.12, down 0.16%, amid disagreements between the US President and the Fed Chairman over interest rate reductions. The weakening dollar enhanced gold’s appeal as a safe-haven asset.
The rise in gold demand also stemmed from US-China trade tensions, further supporting prices.
Silver prices initially climbed but retreated from daily highs due to profit-taking in industrial metals.
“Uncertainty in the global financial markets and escalating US-China trade war continue to support prices of precious metals. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels this week,” according to an expert. .
Physical Gold Market Rates (per 8 grams):
Delhi Market
- Standard gold (22 carat): ₹57,184
- Pure gold (24 carat): ₹60,984
Mumbai Market
- Standard gold (22 carat): ₹57,496
- Pure gold (24 carat): ₹61,264
Chennai Market
- Standard gold (22 carat): ₹56,912
- Pure gold (24 carat): ₹60,632
Hyderabad Market
- Standard gold (22 carat): ₹56,896
- Pure gold (24 carat): ₹60,640
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