Gold and Silver Rates Fall in Indian Market
On June 5, 2023, the Indian Bullion Jewelers Association reported that gold opened at Rs 59,601 per ten grams, a decrease of Rs 707 from the previous trading day, while silver opened at Rs 71,423 per kg, a decrease of Rs 935 from the previous trading day. Gold is currently trading cheaper than its all-time high by Rs 1,984 per 10 grams, which was recorded on May 11, 2023, at Rs 61,585 per ten grams.
Multi Commodity Exchange (MCX) Futures Trade
The futures trade of June 5, 2023, in gold is trading at Rs 59,402.00 with a fall of Rs 206.00, whereas the futures trade of silver on July 5, 2023, is trading at Rs 71,686.00 with a fall of Rs 334.00.
Gold and Silver Rates in the International Market
Gold is trading down by $ 6.54 at a rate of $ 1,942.78 an ounce, while silver is trading down by $ 0.10 at a level of $ 23.47 an ounce in the US market.
Rates in Different Cities
According to the Indian Bullion Jewelers Association, the rates of 22-carat and 24-carat gold per ten grams and silver rate per kg vary according to the states.
In major cities such as Amaravati, Anantapur, Guntur, Kadapa, Kakinada, Nellore, Tirupati, Vijayawada, Visakhapatnam, Amravati, Aurangabad, Bhiwandi, Kolhapur, Latur, Mumbai, Nagpur, Nashik, Pune, Solapur, Vasai-Virar, Kerala, Berhampur, Bhubaneswar, Cuttack, Rourkela, Sambalpur, Kolkata, Hyderabad, Khammam, Nizamabad, Warangal, Chennai, Coimbatore, Erode, Madurai, Salem, Tirunelveli, Tirupur, Trichy, Vellore, Chandigarh, Delhi, Ghaziabad, Gurgaon, Noida, Lucknow, Jaipur, Ahmedabad, Rajkot, Surat, Vadodara, Bangalore, Bellary, Davanagere, Mangalore, Mysore, and Patna, the rates of gold range from Rs 55,300 to Rs 60,380 and silver ranges from Rs 73,000 to Rs 77,700.
Conclusion
Gold and silver rates have fallen in the Indian market and international market, causing a decline in the futures trade of MCX. The rates of gold and silver vary in different cities according to the states.
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