Gold, Silver Prices Today, June 24: Precious Metals Witness Sharp Decline; Check Latest City-Wise Rates

Gold and silver prices remained highly volatile on Wednesday as investors grappled with uncertainty stemming from the ongoing US-Iran conflict and growing expectations of further interest rate hikes by the US Federal Reserve. Despite gold traditionally being viewed as a safe-haven asset during geopolitical crises, both precious metals came under intense selling pressure, with silver witnessing steeper losses than gold. 

Market analysts attributed the decline to concerns that higher US interest rates could strengthen the dollar and reduce the appeal of non-yielding assets such as gold and silver.

According to news agency IANS, gold futures for August delivery on the Multi Commodity Exchange (MCX) opened at Rs 1,46,776 per 10 grams, plunging Rs 1,412 or 0.95 per cent from the previous close of Rs 1,48,188.

By around 12 pm, the yellow metal had slipped further to Rs 1,46,379, down Rs 1,739 or 1.17 per cent. During the trading session, gold touched an intraday high of Rs 1,47,090, still lower by Rs 1,098 or 0.74 per cent from the previous close, while hitting a low of Rs 1,46,070, marking a decline of Rs 2,118 or 1.42 per cent.

Silver suffered a sharper setback, reflecting broader weakness in the precious metals segment. Silver futures for July delivery opened at Rs 2,27,676 per kilogram, down Rs 6,634 or 2.83 per cent from the previous close of Rs 2,34,310.

Gold Prices In Major Indian Cities 

CITY	22K Gold (Rs/1gm)	24K Gold (Rs/1gm)
New Delhi	Rs 13,269	Rs 14,474
Rs 13,254	Rs 14,459
Rs 13,559	Rs 15,792
Rs 13,254	Rs 14,459
Rs 13,254	Rs 14,459
Rs 13,254	Rs 14,459

Among other precious metals, spot silver declined 1.1% to $61.36 per ounce. Platinum fell 0.9% to $1,637.34 per ounce, while palladium dropped 1.2% to $1,223.29 per ounce.

Silver continued to attract investor interest despite the day's weakness, with the metal remaining a popular investment and jewellery choice across India.

As of June 24, the price of silver in India stood at approximately Rs 2,44,900 per kilogram, while Silver 925, commonly known as sterling silver, was priced at around Rs 2,45,900 per kilogram.

Silver 999 Rates (Per 10 Grams) Delhi: Rs 2,449 Mumbai: Rs 2,449 Kolkata: Rs 2,449 Chennai: Rs 2,499 

What Drives Gold Prices In India?

Gold prices in India are influenced by a complex mix of international and domestic factors. Global gold rates, the strength of the US dollar, geopolitical developments, central bank policies, and local jewellery demand all play a crucial role in determining prices.

Seasonal buying during festivals and weddings often boosts demand, while international economic developments and shifts in investor sentiment can trigger sharp price swings.