Gold and Silver Rates Drop Slightly in Morning Trade on June 7, 2023
Gold and silver rates in India opened slightly lower on June 7, 2023, compared to the previous trading day. According to the Indian Bullion Jewelers Association, gold opened at Rs 59,957 per ten grams, down by Rs 139 per ten grams from the previous day’s close. Silver opened at Rs 71,470 per kg, down by Rs 434 per kg from the previous day.
Gold Continues to Trade Below All-Time High
Although gold made an all-time high on May 11, 2023, at Rs 61,585 per ten grams, it is currently selling cheaper than its all-time high by Rs 1,628 per ten grams.
MCX Futures Trade in Gold and Silver
On the Multi Commodity Exchange (MCX), the futures trade of August 4, 2023, in gold is trading at a level of Rs 59,848.00 with a fall of Rs 137.00. On the other hand, the futures trade of silver on July 5, 2023, is trading at a level of Rs 71,683.00 with a fall of Rs 273.00.
International Market Rates for Gold and Silver
Gold is trading lower in the international market, with a fall of $3.17 at a rate of $1,960.14 an ounce in the US. Meanwhile, silver is trading down by $0.12 at the level of $23.49 an ounce.
Rates of Gold and Silver in Major Cities
In major cities across India, the rates of 22ct and 24ct gold per ten grams and silver rate per kg vary. For example, in Chennai, 22ct gold is priced at Rs 56,050, while 24ct gold is priced at Rs 61,150, and silver is priced at Rs 77,800. In Delhi, 22ct gold is priced at Rs 55,750, while 24ct gold is priced at Rs 60,800, and silver is priced at Rs 73,500.
New Rule on Selling Old Gold Jewelry
The government has introduced a new rule on selling old gold jewelry kept at home. Under the new rule, individuals will not be able to sell old gold jewelry without a hallmark.
In conclusion, gold and silver rates in India opened lower on June 7, 2023, compared to the previous trading day. While gold is trading below its all-time high, international market rates for both gold and silver have also dropped. Rates of gold and silver vary across major cities in India, and a new rule has been introduced on selling old gold jewelry without a hallmark.
(Note: The rates of 22ct and 24ct gold per ten grams and silver rate per kg have been provided for major cities across India.)
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