Gold and silver prices recorded a sharp decline on Friday amid global economic cues, with precious metals remaining under pressure in both the Indian commodity market and the bullion market. In early trade, silver prices on the Multi Commodity Exchange (MCX) fell by nearly ₹7,800, while gold prices declined by around ₹3,000 compared with the previous session.
Market participants said expectations surrounding the future monetary policy stance and interest rates of the U.S. Federal Reserve have influenced precious metal prices. The prospect of a ber dollar and higher interest rates often impacts demand for safe-haven assets such as gold and silver.
Silver witnessed the steepest pressure in the Indian commodity market. The July delivery contract opened significantly below its previous closing level and declined by nearly ₹8,000 during trading. Although prices recovered partially later in the session, they continued to remain at lower levels.
The August gold futures contract also recorded a sharp decline. In early trade, gold slipped by around ₹3,000. Prices witnessed some fluctuation after the market opened, but investor caution persisted. Analysts said global economic conditions and changing investor strategies are having a direct impact on the commodity market.
Retail gold prices also declined across major markets in the country. Prices of 24-carat gold eased in key cities including Delhi, Mumbai, Kolkata, Lucknow, Jaipur, Patna, Bhopal and Indore. Gold prices in some cities in southern India remained slightly higher than in other regions, which is generally attributed to local tax structures, demand patterns and market conditions.
City | 24K | 22K | 18K
Delhi | ₹146010 | ₹133850 | ₹109540
Mumbai | ₹145860 | ₹133700 | ₹109390
Kolkata | ₹145860 | ₹133700 | ₹109390
Chennai | ₹148040 | ₹135700 | ₹113500
Lucknow | ₹146010 | ₹133850 | ₹109540
Kanpur | ₹146010 | ₹133850 | ₹109540
Patna | ₹145910 | ₹133750 | ₹109440
Jaipur | ₹146010 | ₹133850 | ₹109540
Indore | ₹145910 | ₹133750 | ₹109440
Bhopal | ₹145910 | ₹133750 | ₹109440
Consumers are advised to verify the latest prices with local jewellers before making purchases, as rates may vary across cities and states.
The decline in the commodity market was also reflected in the traditional bullion market. Prices of 24-carat, 22-carat and 18-carat gold registered declines, while retail silver prices also witnessed a notable fall.
Experts associated with the jewellery industry said softer prices could support consumer purchases, particularly among those planning to buy gold and silver for investment purposes or for upcoming weddings and festivals. Market experts also stated that price fluctuations may continue due to international market conditions.
