Gold Price Falls Rs 2,500 Per 10 Grams in Delhi; Silver Drops Rs 5,000 Amid Global Market Volatility

Gold became cheaper in the national capital on June 1, with prices slipping by Rs 2,500 per 10 grams to Rs 1.60 lakh, as global cues turned weak after renewed military exchanges between the US and Iran led to a spike in crude oil costs and supported the dollar.

Data from the All India Sarafa Association showed gold of 99.9 per cent purity closing at Rs 1,60,400 per 10 grams, including all taxes, down 1.53 per cent from the previous session’s level of Rs 1,62,900, reflecting selling pressure in line with overseas markets.

Gold price, silver price moves and bullion market reaction

Silver also mirrored the downward move in domestic bullion trade, as rates dropped by Rs 5,000 per kilogram to Rs 2,69,700, inclusive of taxes, compared with Rs 2,74,700 per kg on Friday, marking a fall of nearly 2 per cent in the white metal’s price in the national capital.

"Gold started the week on a weaker note as renewed tensions between the US and Iran over the weekend boosted crude oil prices and strengthened the dollar," Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said, adding that higher US Treasury yields further hurt demand for gold and silver as safe-haven assets.

Gold price, silver price trends in global markets

In international trade, spot gold declined by nearly 1 per cent to USD 4,504.97 per ounce, even as silver gained 1 per cent to USD 75.93 per ounce, highlighting a mixed trend across precious metals despite the same geopolitical backdrop.

Providing an assessment of early-week trading, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said, "Spot gold turned volatile, quoting USD 4,500 per ounce on Monday, and silver edged up towards USD 76 per ounce, as precious metals opened the week on a cautious footing amid lingering uncertainty over the US-Iran ceasefire framework."

This divergence between domestic and global moves left traders watching upcoming signals closely, including US jobs data, remarks from Federal Reserve officials, comments by Treasury Secretary Scott Bessent, and any fresh developments in West Asia that could influence bullion prices over the coming sessions.