Gold Rates in India Today, June 23: On Monday, gold prices stayed steady after reaching an all-time peak due to the United States' attacks on Iran's nuclear facilities amidst escalating tensions involving Israel. Currently, the rates are fluctuating within the stable band of INR 1,00,800 to 1,01,000.
In Mumbai, the cost of gold was Rs 92,300 per 10 grams for 22-carat and Rs 1,00,690 per 10 grams for 24-carat.
Silver was also seen declining to trade at Rs 1,09,900 per kilogram in the market.
These spot prices do not include making fees and a 3% GST.
"Following the U.S. attacks on Iran during the weekend, gold prices initially rose sharply but couldn’t sustain those increases, suggesting that the bullion surge might be reaching its peak momentarily. According to Aksha Kamboj, gold seems to await some form of retaliation from Iran before climbing to a higher level," she contends. Vice President of the India Bullion and Jewellers Association and Executive Chairperson at Aspect Global Ventures.
She highlighted worries regarding increasing inflation fueled by elevated oil prices, the likelihood of reduced Federal Reserve interest-rate decreases in 2025, along with increasingly appealing safer investment options, which collectively are exerting downward pressure on gold values even as geopolitical strains escalate in Western Asia.
On June 13, Israel initiated a major assault on Iran, focusing on crucial nuclear and military installations as part of "Operation Rising Lion." The offensive followed warnings from the Israel Defense Forces (IDF), advising people in Tehran to leave the city. Israeli Prime Minister Benjamin Netanyahu stated that this mission sought to address the existential threats posed by Iran. Tensions had been escalating over recent weeks leading up to these events, particularly due to Iran retaliating against an earlier Israeli airstrike on their consulate in Damascus with their own missile and drone attacks.
What Are the Prices of 22KT and 24KT Gold Rates Today in Various Major Cities Across India?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 92,490 | Rs 1,00,890 |
| Jaipur | Rs 92,490 | Rs 1,00,890 |
| Ahmedabad | Rs 92,390 | Rs 1,00,790 |
| Patna | Rs 92,390 | Rs 1,00,790 |
| Mumbai | Rs 92,300 | Rs 1,00,690 |
| Hyderabad | Rs 92,300 | Rs 1,00,690 |
| Chennai | Rs 92,300 | Rs 1,00,690 |
| Bengaluru | Rs 92,300 | Rs 1,00,690 |
| Kolkata | Rs 92,300 | Rs 1,00,690 |
What Effect Might the Clash Between Iran and Israel Have on Gold Prices in India?
Gold and silver prices rallied sharply on the first day of the ongoing Israel-Iran war, boosting safe-haven demand. However, the prices are hovering around the same level since then.
Also Read: Experts Predict Gold Could Experience Up to a 10% Drop Within Two Months and a 30% Decline Over One Year.
Specialists believe that gold prices may have reached their peak and could experience a decline of 10-12 percent over the coming two months.
What Influences Gold Prices in India?
The pricing of gold in India is mainly affected by international market values, customs duties, taxations, and variations in currency exchange rates. These elements collectively set the daily gold price throughout the nation.
In India, gold holds significant cultural and financial value. It serves as a favored means of investment and plays an essential role in festivities, especially during weddings and holidays.
Given the continually shifting market dynamics, both investors and traders keep a close watch on the variations. It’s essential to remain informed to adeptly maneuver through these fluctuating trends.