Bullion Buckles For A Second Straight Day As Silver Tumbles ₹3,407 And Gold Loses ₹2,234

On June 24, gold and silver fell for the second day in a row. On MCX gold slipped ₹2,234 to ₹144,295 per 10 grams, while silver crashed ₹3,407 to ₹222,427 per kilogram.

Precious metals dealt investors another blow on Tuesday, June 24, as both gold and silver weakened for the second consecutive session. At 9:40 am on MCX, gold was trading 2,234 rupees lower at 144,295 rupees per 10 grams. Silver lost even more of its shine, sliding 3,407 rupees to settle at 222,427 rupees per kilogram.

Overseas markets told the same story. On COMEX, gold dropped 1.59% to 4,081 dollars an ounce, while silver fell 1.55% to trade at 61.110 dollars an ounce.

Other Precious Metals Slip Too
The slide was not limited to gold and silver. Platinum eased 0.9% to 1,637.34 dollars an ounce, and palladium dropped 1.2% to reach 1,223.29 dollars an ounce.

Gold Rates Across Indian Cities
In Chennai's bullion market, 24-carat gold was selling at 14,792 rupees per gram, 22-carat at 13,559 rupees per gram and 18-carat at 11,339 rupees per gram. In the capital Delhi, 24-carat gold stood at 14,474 rupees per gram, 22-carat at 13,269 rupees and 18-carat at 10,859 rupees per gram.

Prices were almost identical in Mumbai, Kolkata, Bengaluru and Hyderabad. Across these four cities, 24-carat gold was priced at 14,459 rupees per gram, 22-carat at 13,254 rupees per gram and 18-carat at 10,844 rupees per gram.

Why Gold Keeps Falling
The biggest reasons behind the drop are strong economic data coming out of the United States and shifting expectations about Federal Reserve policy. August-delivery gold futures fell 1.6% on Tuesday to 4,135 dollars per troy ounce. Globally, gold prices have tumbled by roughly 10% over the past month. Add to that signs of softening demand in Asian markets, and the pressure on gold, long seen as a safe-haven investment, has only intensified.

Deutsche Bank Slashes Its Forecast
Germany's major lender Deutsche Bank has cut its earlier gold price forecast by more than 20%. The bank believes that if the market grows more convinced the US Federal Reserve will raise interest rates three to four times, gold could fall to 3,800 dollars an ounce. Changing expectations around the MPC have tilted the balance of risk for gold to the downside.

Deutsche Bank analyst Michael Hsueh said that under the bank's base case, if the Federal Reserve leaves interest rates unchanged for an extended period, gold could hold around 4,800 dollars an ounce in the fourth quarter of this year. However, if the market starts pricing in multiple rate hikes in the months ahead, the pressure on gold will build and prices could slip to 3,800 dollars an ounce.

What this means for you
• For buyers: A second straight day of falling prices could give those planning wedding or festive purchases a chance to buy at cheaper rates.
• For investors: With prices down about 10% globally in a month and Deutsche Bank warning gold could slide to 3,800 dollars, it is worth thinking carefully before rushing money into gold.

Questions & Answers

1. What was the MCX gold price on June 24?
At 9:40 am on MCX, gold was down 2,234 rupees at 144,295 rupees per 10 grams.

2. How much did silver fall?
Silver dropped 3,407 rupees to settle at 222,427 rupees per kilogram.

3. What is the price of 24-carat gold in Delhi?
In Delhi, 24-carat gold was 14,474 rupees per gram, 22-carat 13,269 rupees and 18-carat 10,859 rupees per gram.

4. What is Deutsche Bank's forecast for gold?
The bank cut its earlier forecast by more than 20% and said gold could fall to 3,800 dollars an ounce, though it could hold near 4,800 dollars in the fourth quarter if rates stay unchanged.

5. Why are gold prices falling?
Strong US economic data, shifting expectations about Federal Reserve policy and signs of weak demand in Asian markets are the main reasons.

6. How much has gold fallen in the past month?
Globally, gold prices have dropped by roughly 10% over the past month.

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