Gold and silver prices recorded a sustained decline during the week, with gold falling by more than ₹2,200 and silver declining by nearly ₹4,900. In the Indian bullion market, gold prices fell by around ₹2,200 per 10 grams during the week, while silver prices declined by more than ₹4,900 per kilogram. Pressure on precious metals in global markets and rising geopolitical tensions between the United States and Iran were cited among the key reasons for the price movement.
However, gold and silver futures contracts on the Multi Commodity Exchange (MCX) posted modest gains at the end of the week, indicating that domestic market participants are closely tracking global developments and upcoming market signals.
According to available data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold declined by ₹2,209 per 10 grams during the week to ₹1,41,159 from ₹1,43,368. Similarly, the price of 22-carat gold fell to approximately ₹1,29,302 per 10 grams from ₹1,31,325 per 10 grams.
The price of 18-carat gold also declined to approximately ₹1,05,869 per 10 grams from ₹1,07,526 per 10 grams. During the week, the lowest price for 24-carat gold was recorded at approximately ₹1,41,159 per 10 grams on the evening of July 17, while the highest level during the week was approximately ₹1,42,289 per 10 grams on the morning of July 13.
In the domestic futures market, the MCX Gold contract for August 5, 2026 delivery settled at approximately ₹1,40,348 per 10 grams on Friday, up ₹658 from the previous close. The move indicated buying interest in the futures market on the final trading day of the week despite the decline in spot prices during the week.
Silver prices also registered a significant decline during the week. According to IBJA data, silver fell by ₹4,917 per kilogram to approximately ₹2,15,474 per kilogram from ₹2,20,390 per kilogram. During the week, silver touched its highest level of approximately ₹2,20,391 per kilogram on the morning of July 15.
The lowest silver price during the week was recorded at ₹2,15,474 per kilogram on the evening of July 17. Meanwhile, the MCX Silver contract for September 4, 2026 delivery settled at ₹2,16,403 per kilogram on Friday, up approximately ₹46.
Precious metals also remained under pressure in international markets. According to available market data, gold traded at around $4,000 per troy ounce, while silver was near $57 per ounce. According to analysts, investor focus remains on rising tensions between the United States and Iran, the direction of US monetary policy, the strength of the US dollar, and global economic uncertainties.
