Gold prices started the week on a weaker note, while silver continued to move higher.
The movement comes as global investors closely watch developments surrounding a possible ceasefire extension between the United States and Iran.
In India, the price of 24-carat gold stood at ₹1,57,030 per 10 grams in Mumbai on June 1, while 22-carat gold was priced at ₹1,43,940 per 10 grams.
These rates do not include GST and making charges.
Meanwhile, silver prices moved higher, reflecting continued interest in precious metals amid global uncertainty.
Gold Falls on MCX, Silver Extends Gains
On the Multi Commodity Exchange (MCX), gold opened lower on Monday.
Gold futures fell 0.54% to ₹1,60,050 per 10 grams, while silver futures rose 0.21% to ₹2,67,560 per kilogram.
Market experts say investors are waiting for clarity on geopolitical developments in the Middle East, which continue to influence commodity prices worldwide.
Gold Rates in Major Indian Cities
Here are the latest gold prices across key cities:
| City | 22-Carat Gold (10 gm) | 24-Carat Gold (10 gm) |
|---|---|---|
| Delhi | ₹1,44,090 | ₹1,57,180 |
| Jaipur | ₹1,44,090 | ₹1,57,180 |
| Ahmedabad | ₹1,43,990 | ₹1,57,080 |
| Mumbai | ₹1,43,940 | ₹1,57,030 |
| Pune | ₹1,43,940 | ₹1,57,030 |
| Hyderabad | ₹1,43,940 | ₹1,57,030 |
| Chennai | ₹1,43,940 | ₹1,57,030 |
| Bengaluru | ₹1,43,940 | ₹1,57,030 |
| Kolkata | ₹1,43,940 | ₹1,57,030 |
Prices may vary slightly depending on local taxes and jewellers’ charges.
Why Are Gold Prices Under Pressure?
In the international market, spot gold slipped after reaching a two-week high in the previous session.
At the same time, the US dollar strengthened, making gold more expensive for buyers using other currencies.
Analysts believe ongoing uncertainty surrounding the proposed US-Iran ceasefire deal is creating volatility in the market.
Adding to investor concerns, tensions in the Middle East remain elevated. Israeli military operations in Lebanon and uncertainty over future diplomatic agreements are keeping global markets on edge.
Rising Oil Prices Could Impact Gold
Oil prices jumped more than 2% in early trading, raising concerns about inflation.
Traditionally, gold is considered a safe-haven asset and a hedge against inflation.
However, when interest rates remain high, gold often faces pressure because it does not generate regular income like bonds or fixed deposits.
Recent comments from US Federal Reserve officials have also increased concerns that inflation could remain elevated, potentially leading to tighter monetary policy in the future.
What Determines Gold Prices in India?
Gold prices in India are influenced by several factors, including:
International gold prices
Import duties and taxes
Rupee-dollar exchange rates
Global economic conditions
Geopolitical tensions
Demand during wedding and festival seasons
Gold continues to hold a special place in Indian households, serving both as an investment and a traditional asset for celebrations and family events.
As global events continue to shape commodity markets, investors and buyers are closely tracking price movements before making their next purchase or investment decision.
