Mumbai: Precious metals witnessed a notable decline on the first day of June as gold and silver prices slipped following an uptick in crude oil rates. According to reports from the Multi Commodity Exchange (MCX), gold prices fell by more than ₹1,500 per 10 grams in early trading, while silver also registered a comparable drop.
The downward movement in gold and silver was largely attributed to the recent rise in crude oil prices, which influenced investor sentiment in the commodities market on Monday. On the MCX, gold for August delivery, which had closed at ₹1,60,911 per 10 grams in the previous session, opened lower at ₹1,60,193. It further declined by ₹1,561 to reach ₹1,59,350 in initial deals. By 9:55 AM, the yellow metal was trading at ₹1,59,701, reflecting a loss of ₹1,210 or 0.75 percent.
Similarly, silver for July delivery closed the last session at ₹2,66,998 per kg. It opened at ₹2,68,093 on Monday but slipped by ₹1,485 to ₹2,65,513 during early trading. Later at 9:55 AM, it was quoted at ₹2,66,540, down ₹458.
The softening trend extended to the physical bullion market as well. According to Good Returns data, 24-carat gold was trading ₹820 lower at ₹1,56,220 per 10 grams. The 22-carat variety declined by ₹750 to ₹1,43,200, while 18-carat gold fell ₹610 to ₹1,17,170. Silver hovered around ₹2,80,000 per kg in the sarafa bazaar.
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City-wise rates also reflected this downward adjustment. In Delhi, 24-carat gold stood at ₹1,56,370, 22-carat at ₹1,43,350, and 18-carat at ₹1,17,320. Mumbai and Kolkata saw 24-carat gold at ₹1,56,220, with 22-carat at ₹1,43,200 and 18-carat at ₹1,17,170. Chennai recorded higher levels with 24-carat at ₹1,58,180, followed by Lucknow and Kanpur at ₹1,57,780 for 24-carat.
This early-session correction in India’s key bullion hubs comes as market participants monitor global cues, particularly movements in international crude oil benchmarks. The Lokmat report highlights how the interplay between energy prices and precious metals continues to shape domestic trading patterns on the opening day of the new month.
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