Gold Down, Silver Flat On July 3: Check Latest Prices In Your City

Gold prices on Monday, July 3, were lower in the spot market. In Delhi, the price of 24-carat gold stood at Rs 59,120 per 10 grams (Rs 59,220 yesterday) and 22-carat gold was selling at Rs 54,200 (Rs 54,300) per 10 grams. Silver prices were, however, flat on Monday at Rs 71,900 per kg.

Among other cities, in Mumbai, the prices of 24-carat and 22-carat gold were down at Rs 58,960 per 10 grams and Rs 54,050 per 10 grams, respectively. In Bengaluru, 24-carat and 22-carat gold were selling at Rs 58,960 per 10 grams and Rs 54,050 per 10 grams. In Chennai, 24 carat gold was priced at Rs 59,290, while 22 carat gold was at Rs 54,350.

In Kolkata, 24-carat and 22-carat gold prices stood at Rs 58,960 per 10 grams and Rs 54,050 per 10 grams. In Lucknow, 24 and 22 carat golds were selling at Rs 59,120 and Rs 54,200, respectively.

In the futures market, on the MCX, gold was trading lower by 0.33 per cent at Rs 58,020 per 10 grams and silver was lower by 0.09 per cent to Rs 69,965 per kg.

In the international market, gold traded lower by 0.26 per cent to $1,915.90 an ounce. Silver, on the other hand, was up by 0.18 per cent to $22.90 an ounce in New York.

Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One, said, “Gold prices continued to witness a weak closing on a weekly basis, as it concluded with a 0.2 percent dip. The prices began with a rebound on Monday, showings signs of a rebound, driven by concerns over political unrest in Russia, increasing demand for the precious metal as a safe haven. Despite a slight rebound, gold prices dropped below $1,900 influenced by a strengthening dollar and rising yields.”

As the headwinds weighed in, as the rise in benchmark Treasury yields and Federal Reserve Chair Jerome Powell’s indication of potential interest rate hikes further diminished gold’s appeal.

He added, “We expect gold to trade higher towards 58380 levels, a break of which could prompt the price to move higher to 58450 levels.”

Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics. Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.