Gold prices declined for a second consecutive day as profit booking in international markets and a firmer US dollar weighed on bullion prices. The easing in rates has coincided with the ongoing wedding season, providing relief to buyers planning jewellery purchases.
Gold and silver prices recorded declines for the second straight day after a sharp rally in recent sessions, with both metals seeing profit taking. The pullback has reduced prices across major Indian cities, benefiting retail consumers.
Prices of 24-carat, 22-carat and 18-carat gold fell across several large cities including Delhi, Lucknow and Patna. After a day of stability, the renewed decline moderated market momentum. Despite the recent correction, sentiment around gold remains intact over a longer horizon.
The decline has been attributed primarily to strength in the US dollar and profit booking following a recent rally in international markets. A ber dollar typically dampens gold prices as investors lock in gains.
In Delhi, 24-carat gold fell by ₹10 per 10 grams, while 22-carat gold also declined by ₹10 per 10 grams. Over the past two days, 24-carat gold has declined by ₹7,420 per 10 grams, while 22-carat gold has fallen by ₹6,810 per 10 grams.
Gold prices across major cities showed limited variation. In Delhi, 24-carat gold was priced at ₹1,53,310 per 10 grams, 22-carat gold at ₹1,40,540, and 18-carat gold at ₹1,15,020. In Mumbai, prices stood at ₹1,53,160 for 24-carat, ₹1,40,390 for 22-carat, and ₹1,14,870 for 18-carat gold. Kolkata recorded similar levels to Mumbai.
In Chennai, 24-carat gold was priced at ₹1,52,170 per 10 grams, 22-carat at ₹1,39,490, and 18-carat at ₹1,19,990. Bengaluru and Hyderabad saw 24-carat gold at ₹1,53,160 and 22-carat gold at ₹1,40,390. In Lucknow and Jaipur, 24-carat gold was priced at ₹1,53,310 and 22-carat at ₹1,40,540. Patna and Ahmedabad recorded 24-carat gold at ₹1,53,210 and 22-carat at ₹1,40,440. Prices quoted exclude taxes and making charges.
Silver prices also declined for a second consecutive day. In Delhi, silver fell by ₹100 to ₹2,99,900 per kilogram, extending a two-day decline of ₹50,100 per kilogram. Prices in Mumbai, Chennai and Kolkata were at similar levels.
Earlier, silver had witnessed sharp volatility, with prices declining by as much as ₹60,000 per kilogram over two consecutive days.
According to LKP Securities Vice President and Research Analyst Jatin Trivedi, the correction from record highs, higher margin requirements and profit booking have contributed to elevated volatility in the commodity market.
Commodity expert NS Ramaswamy said the recent decline in gold and silver followed an excessive rally and represented a natural shakeout. He added that dollar strength increased selling pressure but said the underlying bull case for gold remained intact.
Ramaswamy said central bank purchases continued to support gold prices, citing purchases of around 230 tonnes in the fourth quarter of 2025. He added that central bank buying in 2026 is expected to exceed 800 tonnes.
On silver, Ramaswamy attributed the sharper decline to higher margin requirements, which forced leveraged traders to cut positions. He said silver could trade in the range of $72 to $78 per ounce and that a sustained move above $80 would be required for a larger breakout.
