Today, the domestic futures market is witnessing a slight increase with stability in the prices of gold and silver. Gold is currently trading around ₹96,200 per 10 grams, while silver prices are holding steady around ₹1,06,300 per kilogram.
On Friday, the prices of gold and silver declined in the domestic and futures markets. Both gold and silver opened with a soft tone in the morning of the last trading day of the week and remained under pressure throughout the day's trading. On MCX, the price of gold fell below ₹97,000, while silver also slipped below ₹1.07 lakh per kg.
Meanwhile, the international market also saw a downward trend in the prices of both gold and silver. There was a slight weakness in the futures contracts of gold and silver on Comex, which also affected the domestic market.
Decline in Gold Prices on MCX
The August delivery contract of gold on the Multi Commodity Exchange (MCX) started weak on Friday morning. Gold August Futures opened at ₹96,261 per 10 grams, down by ₹826. The closing price of gold in the previous session was ₹97,087.
By afternoon, this gold contract was trading at ₹96,182, down by ₹905. During the day, it touched a high of ₹96,501 and a low of ₹96,101.
It is noteworthy that in April 2025, gold reached a record level of ₹1,01,078 per 10 grams, which remains an all-time high. However, due to current global signals and the strength of the dollar, there is a profit-booking environment in gold at this time.
Silver Prices Also Soften
The July delivery futures contract of silver on MCX also saw a decline on Friday. Silver opened at ₹1,06,629 per kg, down by ₹126. The previous closing price was ₹1,06,755.
At the time of writing this news, this contract was trading at ₹1,06,351, down by ₹404. It touched a high of ₹1,06,629 and a low of ₹1,06,286.
In May this year, silver reached a level of ₹1,09,748 per kg, but since then, prices have gradually cooled down.
Weakness on Comex as well
The prices of gold and silver also saw a softening in the international market today. Gold futures on the New York-based commodity exchange Comex opened at $3,341.30 per ounce, while the closing price of the previous day was $3,348.
By afternoon, it fell by $29.40 and was seen trading at $3,318.60 per ounce. Gold has also made an all-time high of $3,509.90 this year, due to which it is now trading about $190 lower.
At the same time, silver futures on Comex opened at $36.56 per ounce. The previous close was $36.59. At the time of writing this news, it was trading at $36.53, down by $0.06.
Impact of Global Factors
The current prices of gold and silver are directly affected by international factors. The signals given by the US Federal Reserve regarding interest rates have put pressure on the gold market.
Any increase in interest rates is negative for gold because it is a non-interest-yielding asset. Apart from this, the strength in the dollar index and the rise in US bond yields have also led to a decline in prices.
Latest Gold and Silver Rates in Cities Today (Approximate)
City 24 Carat Gold (10 grams) Silver (1 kg)
Delhi ₹96,500 ₹1,06,700
Mumbai ₹96,300 ₹1,06,400
Kolkata ₹96,450 ₹1,06,500
Chennai ₹96,700 ₹1,07,000
Ahmedabad ₹96,200 ₹1,06,200
(Note: Rates are without tax and making charges and may vary slightly from city to city)
Cooling in Domestic Demand
The impact of high gold prices is also visible on jewelry demand in the Indian market. Buyers in both rural and urban areas are cautious at this time. After the wedding season, the purchase of jewelers has started to decline.
Along with this, the slow pace of monsoon and uncertainty in the agricultural sector are also affecting rural demand. In the case of silver as well, industrial demand is currently stable, which is not providing support.
The movement of crude oil and the dollar is also important
Fluctuations in crude oil prices and the direction of the dollar index are also affecting the movement of gold and silver. If the dollar strengthens, gold prices fall globally because gold is traded in dollars.
Currently, the dollar index is around 106, which is putting pressure on gold prices. At the same time, due to the stability in crude oil prices, the concern about inflation has reduced slightly, due to which there is also a stagnation in the demand for gold as a safe haven.
