Gold Prices in Bangalore & Chennai Surge, June 11: After Rs. 18,500/100g Crash This Week; Silver Unmoved

Gold prices in Chennai today and gold prices in Bangalore today witnessed a decline after rising continuously over the past three days. The 24-carat gold is now trading above Rs. 98,000 per 10 grams, while 22-carat gold has returned to the Rs. 90,000 mark.

The recent rally in gold prices in India is due to the international developments, particularly progress in the US-China trade agreement. On Tuesday, Reuters reported that officials from both countries confirmed that they had agreed on a new framework to revive their trade truce.

Investors and market participants are now closely watching the release of crucial US Consumer Inflation (CPI) data, expected later today, which will have an impact on gold prices further.

Gold Price Outlook

"Gold prices are expected to test the resistance at Rs 97500. One can buy at Rs. 96900 with a stop loss of Rs. 96600. One can also sell from Rs. 97500 with a stop loss of Rs. 97800." as per Nirmal Bang Securities.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on August 5th are trading at Rs 97,208, rising by 0.32%. Similarly, silver futures, which are set to expire on July 4, 2025, fell by 0.08% and are trading at Rs. 1,06,666 at the time of writing on June 11.

As per the ICICI Commodity Report, "MCX Gold Aug is expected to dip towards Rs. 96,400 as long as it trades under the ₹97,500 level. MCX Silver July is expected to rise towards the Rs.107,500 level, as long as it holds above the Rs.105,200 level."

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold gained 0.5% to USD 3,339.60 an ounce, as of 03:50 GMT. U.S. gold futures rose 0.5% to USD 3,361.20. Spot silver was unchanged at USD 36.56 per ounce.

"Spot Gold is expected to face a hurdle near $3350 and move lower towards $3275 on easing trade tension between the US and China. Spot silver is expected to trade higher towards $36.80, as long as it holds the support of $36. Only below $36, it could slip back towards $35.50." According to the ICICI Commodity Report

Silver Rate in Chennai Today

Silver prices in Chennai today is stable at yesterday's rate. Currently, 1 kg of silver in Chennai costs Rs 1,19,000. While 100 g of silver cost Rs 11,900 on June 11.

Silver Rate in Bangalore Today

The silver rate in Bangalore also stayed unchanged. At present, 1 kg of silver in Bangalore costs Rs. 1,09,000. While 100 g of silver rates in India cost Rs 10,900.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.