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Suspense crime, Digital Desk : Investors and consumers in India woke up to a significant drop in the price of precious metals on Thursday, June 20th, as both gold and silver saw a sharp downturn in the bullion market. This decline offers a potential buying window for those looking to invest or purchase jewelry.

The primary driver behind this price drop is rooted in the global market, particularly the recent stance of the U.S. Federal Reserve. The Fed’s indication that it may keep interest rates higher for longer has strengthened the U.S. dollar. Since gold is internationally priced in dollars, a stronger greenback makes the yellow metal more expensive for buyers using other currencies, which typically dampens demand and pushes the price down.

According to the rates released by the India Bullion and Jewelers Association (IBJA), the price of 24-carat gold fell by a notable Rs 580 per 10 grams. Silver also experienced a significant price correction, making it more affordable for industrial users and investors.

Here’s a look at the latest national average prices:

24-Carat Gold: Rs 72,220 per 10 grams

22-Carat Gold: Rs 66,200 per 10 grams

18-Carat Gold: Rs 54,160 per 10 grams

Silver: Rs 90,000 per kilogram

Prices also varied across major metropolitan cities. Here are the rates for 10 grams of 22-carat gold in key locations:

Delhi: Rs 66,350

Mumbai: Rs 66,200

Chennai: Rs 66,850

Kolkata: Rs 66,200

This sharp fall in prices reflects the ongoing volatility in the global financial markets. For potential buyers in India, this dip could be an attractive entry point, whether for long-term investment or for upcoming weddings and festivals.

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