Gold Price Today: The rally in the stock market and a slight rise in the US Dollar Index have brought an abrupt halt to the recent momentum in the bullion market. On the Multi Commodity Exchange (MCX), gold prices tumbled by 2.66%, or ₹2,500 per 10 grams, while silver also saw a sharp fall of over ₹500.
Key Global Developments Behind the Decline
The drop in gold and silver prices comes amid easing geopolitical tensions. India and Pakistan have reportedly agreed to a ceasefire, and Russia and Ukraine are said to be moving towards a peace agreement. Additionally, the United States and China are showing readiness to resolve their ongoing trade disputes through diplomatic dialogue.
As a result, global risk sentiment has improved, reducing demand for safe-haven assets like gold and silver. This shift has triggered a correction in bullion prices worldwide, and further downside cannot be ruled out.
Sharp Fall in MCX Gold and Silver Contracts
On the MCX, gold futures for June 5 opened lower and by 11:19 AM had fallen by ₹2,557 to trade at ₹93,961 per 10 grams. Meanwhile, silver futures for July 4 dropped by ₹463 and were trading at ₹96,266 per kilogram. Globally, gold fell by $67.20 to reach $3,276 per ounce.
Ahmedabad Sees ₹3,000 Drop in Gold Prices
In Ahmedabad’s bullion market, gold became cheaper by ₹3,000 from its recent record high of ₹1,01,500 per 10 grams, now trading at ₹98,500. Silver was quoted at ₹96,500 per kilogram. Just last week, gold prices had already fallen by ₹2,000, and given the current domestic and global indicators, gold may further decline to ₹97,000–₹97,500 per 10 grams in the short term.
