Top News

Gold-Silver Rate Today: Gold prices in the country are witnessing a decline again today. The price of gold has dropped by nearly ₹2,000 per 10 grams. However, silver prices are seeing an upward trend today.

Gold-Silver Rate Today (July 2): Gold prices continue to fall today. On July 2, the price of 24-carat gold stands at ₹1,44,550 per 10 grams, marking a 1.3% decline compared to yesterday.

Yesterday, the price of 24-carat gold in the country was ₹1,46,454 per 10 grams; it has since fallen by ₹1,904. Similarly, the price of 18-carat gold in India today is ₹1,08,412.5 per 10 grams, a drop of ₹1,428 compared to yesterday. Based on this price reduction, the cost of 1 gram of 24-carat gold has decreased by ₹190 today, while the price for 100 grams has dropped by ₹19,000.

What is the price of silver?

Silver prices are witnessing a recovery of 0.64% today, driven by buying at lower levels in the spot market. Consequently, the price of silver has risen by ₹1,400–₹1,500 per kilogram compared to yesterday's closing rate.

Following this price correction, silver has returned to the level of ₹2,40,100 per kilogram in the country's retail markets today. In select markets, prices have reached up to ₹2,45,000 per kilogram due to local taxes and other factors. In terms of the price per gram, the cost of silver has risen by approximately ₹1.50 compared to yesterday, moving into the ₹240.10 to ₹245 range.

Why are gold prices falling?

The continuous decline in gold prices has sparked fears among people that rates could drop further. Consequently, instead of buying gold, people are selling it. In the current quarter alone, Indians have sold nearly 50 tonnes of old gold. This has led to a sudden surge in supply within local markets, driving prices down.

The US Federal Reserve is also being held responsible for the falling gold prices. Investors fear that the Fed might keep interest rates high for an extended period rather than cut them. Since gold yields neither interest nor dividends, people are shifting their investments from gold to government bonds; this has also contributed to reduced demand for gold. Meanwhile, the US Dollar Index continues to strengthen; a stronger dollar makes purchasing gold more expensive for holders of other currencies in international markets, thereby dampening demand.