Gold Rate Drop Today, June 5: Good news has emerged for buyers of gold and silver. According to the Indian Bullion and Jewellers Association (IBJA), gold and silver prices declined on the last day of the week. The price of 24-carat gold has dropped by ₹1,896 per tola today. While the price of 999-purity gold stood at ₹1,56,086 per 10 grams at the close of the market previously, it fell to ₹1,54,190 per 10 grams following the market opening at 12 PM today.
This presents an excellent opportunity for women to get gold jewelry made. Regarding silver, the price closed at ₹2,61,088 on the evening of June 4 but dropped to ₹2,54,190 upon the market opening this morning. Silver prices have seen a decline of ₹6,138 today. Let us now look at how much the rates for 23, 22, and 18-carat gold have dropped.
According to the Indian Bullion and Jewellers Association (IBJA), the price of 995-purity gold has reached ₹1,53,573 per 10 grams today. The gold rate has decreased by ₹1,888.
22-Carat Gold
According to the Indian Bullion and Jewellers Association (IBJA), the price of 916-purity gold has reached ₹1,41,238 per 10 grams today. The gold rate has decreased by ₹1,737.
18-Carat Gold
According to the Indian Bullion and Jewellers Association (IBJA), the price of 750-purity (18-carat) gold is ₹1,15,643 per 10 grams today. The price of gold has dropped by ₹1,422.
14-Carat Gold
According to the India Bullion and Jewellers Association (IBJA), the price of 14-carat gold (585 purity) today is ₹90,201 per 10 grams.
Silver Price
According to the IBJA, silver prices have fallen by ₹6,138 today, bringing the rate to ₹2,54,950.
The rates released by the IBJA do not include 3% GST or making charges; consequently, the final price increases when purchasing gold jewellery.
Heavy Selling in Silver
Meanwhile, on the MCX, silver opened at ₹2,60,024 per kilogram, down ₹4,772. During trading, silver fell by ₹3,597 to reach ₹2,61,199 per kilogram.
Gold & Silver Prices in the International Market
In the international market, spot gold fell by 0.5% to $4,452.20 per ounce. Gold has declined by approximately 1.8% so far this week. Meanwhile, US gold futures were trading 0.6% lower at $4,478.50 per ounce.
Why are gold and silver prices rising?
Fluctuations are being observed in the prices of gold and silver. Gold rates have been on the rise for quite some time. Global tensions, increased investor buying, and market volatility are cited as the primary reasons for this price hike. In India, the increase in import taxes is also impacting prices. It is said that these factors are keeping gold and silver prices high in the bullion market.
