Gold prices in India have sharply declined since the weekend, continuing on June 9. Over the past three days, the price of 100 grams of 24-carat gold dropped by Rs 19,100. The rate for 10 grams fell below Rs 98,000 for 24-carat and Rs 90,000 for 22-carat gold. Meanwhile, MCX gold struggled to hold the Rs 97,100 level, with price movements remaining fragile on June 10.
For the week of June 9 to June 13, MCX gold is expected to trade between Rs 97,000 and Rs 1,02,000 per 10 grams, while silver prices are projected to range from Rs 1,02,000 to Rs 1,12,000 per kilogram.
Jateen Trivedi, VP and Research Analyst at LKP Securities, noted that gold prices remain unstable as long as MCX gold stays below Rs 98,000 and Comex gold below $3,350. Any setbacks in trade negotiations could boost safe-haven demand, pushing prices back toward Rs 98,000.
On June 9, MCX gold with August 2025 expiry closed slightly lower at Rs 97,170 per 10 grams. In contrast, MCX silver for July 2025 edged up to Rs 1,07,105 per kilogram, hitting a record high of Rs 1,07,171 earlier that day before a slight dip at close.
Retail gold prices in India mirrored this trend. On June 9, 24-carat gold prices dropped Rs 2,800 per 100 grams to Rs 9,76,900, and Rs 280 per 10 grams to Rs 97,690. Similarly, 22-carat gold fell Rs 2,500 and Rs 250 for 100 grams and 10 grams, closing at Rs 8,95,500 and Rs 89,550, respectively. The decline followed a sharp fall on June 7, after prices were stable on June 8. From June 7 to June 9, 24-carat gold prices fell Rs 19,100 for 100 grams and Rs 1,910 for 10 grams.
Silver prices bucked the trend, reaching new highs. The price of 1 kilogram of silver rose to Rs 1,08,100, while 10 grams and 100 grams were priced at Rs 1,081 and Rs 10,810 respectively.
Last week, gold prices gained at least 2.5% in domestic and global markets, but silver outperformed with an 8% rise. This surge was driven by weak US economic data and growing expectations of a US Federal Reserve rate cut in September 2025.
Despite these gains, global gold ETFs, including those in India, saw net outflows of $1.8 billion in May — the first monthly outflow since November 2023. According to the World Gold Council, total global gold ETF holdings fell by 19 tonnes to 3,541 tonnes, and assets under management dropped 1% to $374 billion.
US economic indicators further fueled safe-haven demand. Initial jobless claims hit their highest since October 2024, productivity was revised down, and the trade deficit narrowed due to lower imports. Meanwhile, trade uncertainties persist, with US-China talks resuming but details remaining unclear. The US also doubled tariffs on steel and aluminum to 50%, raising fears of renewed trade tensions.
SMC Global Securities forecasts that if Comex gold breaks above $3,420, it could reach $3,580, with support at $3,320 and $3,260. Silver has broken out of a 13-year range and targets $45, supported near $34.
Domestically, gold may find support near Rs 94,400 and resistance around Rs 1,02,000, while silver is expected to trade between Rs 96,400 and Rs 1,12,000. The gold-silver ratio has dropped from 106 to 93, highlighting silver’s strong performance relative to gold.
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