Global Bullion Markets Plunge: Gold and Silver Face Heavy Selling Pressure as Prices Tumble Across Indian Cities

Global Bullion Markets Plunge: Gold and Silver Face Heavy Selling Pressure as Prices Tumble Across Indian Cities​

The bullion market witnessed a clear shift towards selling on Monday, June 8. Both international spot gold and silver faced significant downward pressure, tracking weakness across global commodity markets. This sustained trend follows expert observations of heavy selling in overseas markets over the past week.

Globally, the price of international spot gold settled at $4,339.10 per ounce, showing a decline of 0.60 percent. Meanwhile, silver traded at $68.120 per ounce, registering a movement of -1.42 percent in early Comex trading sessions.

Dynamics of Domestic Futures Trading on MCX​

Domestic futures markets also reflected the global downturns. Gold futures for the August contract on the Multi Commodity Exchange (MCX) traded down by 0.88 percent, reaching Rs 153,847.00 per 10 grams.

The silver futures market was comparatively more stable in domestic trading. The July contract saw a marginal movement of 0.27 percent and was priced at Rs 243,403.00 per kilogram.

Gold Price Rates Across Major Indian Cities​

Gold rates exhibit regional variation based on local market demand and supply dynamics. As of June 8, specific prices for various purities were recorded across several major metropolitan areas.

In Chennai, 24K gold was available at Rs 15,490 per gram, while the price for 22K gold stood at Rs 14,199. The rate for 18K gold in Chennai was noted at Rs 11,909 per gram.

New Delhi reported 24K gold at Rs 15,590 per gram. Its 22K and 18K equivalents were priced at Rs 14,014 and Rs 11,698 per gram, respectively.

Unified Gold Pricing in Southern and Western Hubs​

Several major cities reported consistent pricing for gold across the key purities. In Mumbai and Kolkata, 24K gold traded at Rs 15,272 per gram, with 22K priced identically at Rs 13,999 per gram. The rate for 18K in both markets was recorded at Rs 11,454 per gram.

This uniformity continued across the South. Bangalore, Hyderabad, and Kerala all registered the same prices: 24K gold at Rs 15,272 per gram, 22K gold at Rs 13,999 per gram, and 18K gold at Rs 11,454 per gram.

Comprehensive Purity Breakdown for Gold Buyers​

For those tracking the price of a standard 10-gram measure, the purity level dictates the purchase rate. The current rates for various karatage are as follows:

The price for 10 Grams of 24K Purity is ₹1,52,720.
10 Grams of 22K Purity holds a value of ₹1,39,990.
For consumers opting for the less potent purity, 10 Grams of 18K Purity is priced at ₹1,14,540.