Mumbai: Domestic retail markets for precious metals experienced a slight downturn on Thursday, June 25, as prices for both 24-karat and 22-karat gold recorded marginal drops across major urban centers in India. Alongside the yellow metal, silver prices demonstrated subdued movement, failing to make any significant upward traction in the physical marketplace, according to a report by Mint.
On the Multi Commodity Exchange (MCX), gold futures contracts for August delivery exhibited weakness, trading 0.16% lower at ₹141,220 per 10 grams during early morning hours around 9:13 am. Concurrently, MCX silver futures contracts registered a more pronounced decline, shedding 0.96% to hover at ₹211,710 per kilogram.
Geopolitical Shifts and Energy Market Adjustments Impact Commodities
The broader commodity ecosystem faced downward pressure as global crude oil prices retraced earlier wartime gains. According to reports cited by Mint, investor sentiment adjusted as shipping congestion in the Persian Gulf began easing. Market analysts from Kpler noted that at least 20 non-Iranian tankers carrying approximately 35 million barrels of crude—which had been immobilized for over three months due to Tehran’s wartime closure of the sea lane—have successfully transited the Strait of Hormuz following an opening agreement between the United States and Iran.
Reacting to these logistics updates, West Texas Intermediate (WTI) crude for August delivery slid 1.66% to approximately $69 per barrel. Meanwhile, Brent crude dipped 1.79%, slipping under the $73 mark to realign with pricing levels documented prior to the eruption of regional conflict in late February. Adding to the tension, CNBC US reported that Iran’s Islamic Revolutionary Guard Corps issued warnings to maritime operators on Wednesday, terming unauthorized alternative transit corridors through the Strait of Hormuz “unacceptable and dangerous.”
Corporate Developments: SK Hynix Eyes Blockbuster Listing
In unrelated financial developments carrying significant market weight, South Korean semiconductor manufacturer SK Hynix experienced an equity surge of over 11% on Thursday. The rally followed a regulatory filing indicating the chipmaker’s intent to pursue a public listing in the United States. The company aims to generate up to $29.4 billion (approximately 45.45 trillion won) by offering 17.79 million newly issued shares via American Depositary Receipts (ADRs) on the Nasdaq exchange.
Retail Rates for Gold and Silver Across Major Cities
While 24-karat gold represents the benchmark for pure bullion, the 22-karat variant remains the preferred choice for commercial jewelry due to its enhanced resilience. Retail rates on June 25 across key metropolitan hubs varied slightly due to localized factors:
- New Delhi: 24-karat gold was priced at ₹140,540 per 10 grams, while 22-karat stood at ₹128,828 per 10 grams. Fine 999 silver cleared at ₹211,030 per kilogram.
- Mumbai: 24-karat retail gold reached ₹140,780 per 10 grams, with 22-karat settling at ₹129,048 per 10 grams. Silver traded at ₹211,400 per kilogram.
- Bengaluru: Pure 24-karat gold touched ₹140,890 per 10 grams, whereas 22-karat stood at ₹129,149 per 10 grams. Silver was recorded at ₹211,560 per kilogram.
- Kolkata: The market marked 24-karat gold at ₹140,590 per 10 grams and 22-karat at ₹128,874 per 10 grams. Retail silver closed at ₹211,120 per kilogram.
- Hyderabad: Buyers found 24-karat gold at ₹141,000 per 10 grams and 22-karat at ₹129,150 per 10 grams, with silver at ₹211,730 per kilogram.
- Chennai: The 24-karat gold rate was pinned at ₹141,190 per 10 grams, while 22-karat stood out at ₹133,118 per 10 grams. Silver was priced at ₹212,010 per kilogram.
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