Gold prices have slipped to a nearly two-month low, trading below $1950 per ounce, coming under pressure due to unexpected rate hikes in Australia and Canada. Additionally, the strength of the USD and Treasury yields continues to weigh on the precious metal.According to the MetalFocus Report, gold demand is expected to decline by 9% in 2023. Central banks, after a record-buying spree in 2022, have slowed down their purchases. On the supply side, gold supply is estimated to grow by 2%, leading to a surplus of 500 tons.Despite these factors, the annual average price of gold is projected to rise by 5% to reach an all-time high of $1890 per ounce. So far in 2023, gold prices have already climbed by 7%.Since mid-May, prices have been confined within the range of $1930 to $1980, showing a lack of significant movement.Here’s a look at gold prices in your city, on June 8 morning.Indian Gold prices in Delhi/NCR22KT Rs 5670020KT Rs 5195018KT Rs 4700014KT Rs 37110Indian Silver prices in Delhi/NCRSilver – 74000Indian Gold prices in AhmedabadRs/10 gm24ct 6130022ct 56200Indian Gold prices in MumbaiRs/10 gm24ct 6150022ct 56500