Gold prices continued their downward trend on June 6, offering some relief to consumers planning to purchase the precious metal. After witnessing weakness over the past few trading sessions, gold rates declined again in major Indian cities, making it a closely watched development for investors, jewelry buyers, and wedding shoppers.
In the national capital, the price of 24-carat gold fell to ₹1,55,870 per 10 grams, while 22-carat gold was available at ₹1,42,890 per 10 grams. Similar declines were recorded across Mumbai, Kolkata, Hyderabad, Bengaluru, and several other cities.
Market experts attribute the softness in gold prices to weakness in international bullion markets and changing expectations regarding global interest rates.
Why Are Gold Prices Falling?
Gold prices have been under pressure due to developments in global financial markets.
Internationally, spot gold was trading around $4,470.79 per ounce, reflecting subdued investor sentiment toward precious metals. Analysts say ongoing geopolitical uncertainties and expectations that major central banks could maintain higher interest rates for a longer period have affected demand for safe-haven assets such as gold and silver.
Higher interest rates generally reduce the appeal of non-interest-bearing assets like gold, leading to lower demand from investors.
Latest Gold Rates in Major Indian Cities
Here are the latest gold prices recorded on June 6:
| City | 22-Carat Gold (₹ per 10 gm) | 24-Carat Gold (₹ per 10 gm) |
|---|---|---|
| Delhi | ₹1,42,890 | ₹1,55,870 |
| Mumbai | ₹1,42,740 | ₹1,55,720 |
| Ahmedabad | ₹1,42,790 | ₹1,55,770 |
| Chennai | ₹1,44,290 | ₹1,57,950 |
| Kolkata | ₹1,42,740 | ₹1,55,720 |
| Hyderabad | ₹1,42,740 | ₹1,55,720 |
| Jaipur | ₹1,42,890 | ₹1,55,870 |
| Bhopal | ₹1,42,790 | ₹1,55,770 |
| Lucknow | ₹1,42,890 | ₹1,55,870 |
| Chandigarh | ₹1,42,890 | ₹1,55,870 |
Among the major cities, Chennai reported the highest 24-carat gold price at ₹1,57,950 per 10 grams.
Gold Prices Continue to Ease
The recent correction comes after a period of significant gains in bullion markets. Jewellers believe the softer prices may encourage consumers who had postponed purchases due to record-high rates earlier in the year.
Lower prices could particularly benefit:
- Wedding shoppers
- Jewelry buyers
- Long-term investors
- Festival season purchasers
- Consumers planning gold accumulation through physical purchases
However, experts advise buyers to track daily market movements before making large investments.
Silver Prices Also Under Pressure
The decline was not limited to gold. Silver prices also remained weak on June 6.
The domestic silver rate stood at approximately ₹2,74,900 per kilogram in early trade. The metal has experienced considerable volatility in recent sessions as global precious metal markets react to economic and geopolitical developments.
Internationally, spot silver was trading near $72.89 per ounce.
Should You Buy Gold Now?
Financial experts suggest that gold continues to play an important role as a long-term portfolio diversification tool despite short-term price fluctuations.
Before purchasing gold, buyers should consider:
- Current market trends
- Making charges on jewellery
- Purity certification
- Hallmark verification
- Investment horizon
- Global bullion market movements
Consumers purchasing jewellery should also compare rates across multiple sellers because making charges and GST can significantly impact the final price.
What to Watch Going Forward
Gold prices are likely to remain influenced by:
- Global interest rate expectations
- Inflation trends
- Currency movements
- Geopolitical developments
- Central bank policies
Any major changes in these factors could affect the direction of gold and silver prices in the coming weeks.
For now, the ongoing correction in bullion rates has provided a window of opportunity for buyers looking to purchase gold at relatively lower prices compared to recent highs.
