Current Gold and Silver Prices in Key Indian Cities: Update for June 11

Global Markets Under Pressure: Gold Prices Plummet to Six-Month Low

In early trading on June 11, gold prices continued their downward trend due to the ongoing war in Iran, which has maintained high oil prices. The international spot gold price fell by 0.99 percent to $4,092.50 per ounce, while silver edged 1.82 percent lower to $63.56 per ounce over the last 24 hours in early Comex trade.

In contrast, gold futures for the August contract on the Multi Commodity Exchange (MCX) traded 0.75 percent lower to Rs 1,46,905 per 10 grams, while silver futures for the July contract fell 1.22 percent to Rs 2,32,625 per kilogram. The domestic MCX spot price closed the Wednesday session at Rs 1,46,695 per 10 grams.

The decline in gold prices can be attributed to investors focusing on rising inflation risks and expectations that the Federal Reserve could keep interest rates higher for longer. Higher Treasury yields and a stronger U.S. dollar have also weighed on sentiment, keeping gold prices near their lowest levels in six months.