In spot market, wonderful gold or 24 carat gold was priced at Rs 48,475 per 10 grams
Gold, Silver Price Today: Gold and silver costs fell in home markets mirroring loses in worldwide markets after gold touched over 1-week low dragged down by a stronger greenback. Gold futures for supply in August declined as a lot as Rs 526 or 1 per cent to hit an intraday low of Rs 48,405. In spot market, wonderful gold or 24 carat gold was priced at Rs 48,475 per 10 grams, India Bullion and Jewellers Association (IBJA) stated on microblogging web site Twitter. 22 carat gold was retailed at Rs 48,281, 18 carat gold was bought at Rs 44,403 and 14 carat gold was priced at Rs 36,356 per 10 grams.
Gold costs hit a greater than one-week low on Monday, dragged down by a stronger greenback, whereas cautious buyers awaited the end result of the U.S. Federal Reserve coverage assembly this week with current spikes in shopper costs seen as a brief blip.
Spot gold was down 0.6 per cent at $1,864.61 per ounce, as of 11;16 am, its lowest since June 4.
US gold futures fell 0.7 per cent to $1,866 per ounce.
The greenback strengthened 0.1 per cent to hover close to a one-week excessive in opposition to its rivals, making gold costlier for holders of different currencies.
Last week, information confirmed a pointy rise in May U.S. shopper costs. But Fed officers have repeatedly stated that inflation could be transitory.
Focus now shifts to the Fed’s June 15-16 assembly for additional readability on policymakers’ view on rising inflation and financial coverage going ahead.
Silver was additionally going through promoting strain on the Multi Commodity Exchange (MCX) as silver futures for supply in July dropped as a lot as 0.84 per cent to Rs 71,620 per kilogram.
