Gold prices recorded a sharp decline on June 24 as buzz around Israel-Iran ceasefire boosted risk-on sentiment. Gold's August contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 98,807 per 10 grams today.
Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on June 24:
| City | Price of 24k gold | Price of 22k gold |
| Delhi | Rs 1,00,020/10g | Rs 91,700/10g |
| Mumbai | Rs 99,870/10g | Rs 91,550/10g |
| Chennai | Rs 99,870/10g | Rs 91,550/10g |
| Kolkata | Rs 99,870/10g | Rs 91,550/10g |
| Bengaluru | Rs 99,870/10g | Rs 91,550/10g |
| Jaipur | Rs 1,00,020/10g | Rs 91,700/10g |
| Lucknow | Rs 1,00,020/10g | Rs 91,700/10g |
| Hyderabad | Rs 99,870/10g | Rs 91,550/10g |
| Ahmedabad | Rs 99,920/10g | Rs 91,600/10g |
Also read: Is the glitter gone in gold?
"Risk sentiment has improved as President Trump announced ceasefire between Iran and Israel. He said that Iran's retaliation to the US strikes on nuclear facilities was weak. Missiles fired at US base in Qatar were intercepted," said IFA Global. Notably, safe haven assets like gold lose their shine as equity markets overtake when risk sentiment improves.
"Despite muted festive buying, investment demand for bars and coins, especially sub-10g coins remains robust, driven by inflation fears, loan-linked monetisation, and lower fabrication costs. RBI’s easing of norms for loans against gold has further supported household gold monetisation, with gold-backed lending rising 120% y/y to ₹2.23 trillion. Gold ETFs in India attracted net inflows of ₹2.9 billion in May, and assets under management climbed 97% y/y to ₹624 billion, with folio count up 38% to 7.3 million. Meanwhile, subdued central bank buying and lower imports (May imports at \$2.5 billion, -13% y/y) underscore cautious demand amid elevated prices. As markets weigh geopolitical risks, inflation threats from oil, and the Fed’s rate path, gold is expected to hold steady near its highs, underpinned by uncertainty and resilient investment flows," said Riya Singh, Research Analyst of Commodities and Currency at Emkay Global Financial Services.
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