Gold and silver prices saw a slight downturn on August 2, 2026, as international bullion markets exhibited weakness, impacting domestic rates across India. This movement comes as market participants closely monitor global economic indicators, US interest rate projections, and currency fluctuations for future direction in precious metal valuations.
MCX Futures Show Decline
On the Multi Commodity Exchange (MCX), gold futures registered a fall of 0.88%, settling at ₹1.42 lakh per 10 grams. Similarly, silver futures experienced a more significant drop, decreasing by approximately 2% to ₹2.17 lakh per kilogram.
Retail Gold Rates Across Key Indian Cities
For consumers in the retail market, 24-karat gold was priced as follows per 10 grams:
- Delhi: ₹1,44,370
- Mumbai: ₹1,44,220
- Bengaluru: ₹1,44,370
- Kolkata: ₹1,44,220
- Hyderabad: ₹1,44,220
- Chennai: ₹1,44,370
Meanwhile, 22-karat gold, commonly preferred for jewellery due to its durability, was available at these rates per 10 grams:
- Delhi: ₹1,32,250
- Mumbai: ₹1,32,200
- Bengaluru: ₹1,32,250
- Kolkata: ₹1,32,200
- Hyderabad: ₹1,32,200
- Chennai: ₹1,32,250
Silver Prices in Major Metros
Silver rates also varied across major Indian cities on August 2:
- Delhi: ₹2,52,000 per kilogram
- Mumbai: ₹2,51,000 per kilogram
- Bengaluru: ₹2,47,000 per kilogram
- Kolkata: ₹2,47,000 per kilogram
- Hyderabad: ₹2,50,900 per kilogram
- Chennai: ₹2,53,000 per kilogram
Understanding Gold Purity: 24K vs. 22K
In the Indian retail market, gold is primarily traded in two purities: 24-karat and 22-karat. While 24-karat gold is considered the purest form, 22-karat gold, which contains alloyed metals, is widely chosen for crafting jewellery due to its enhanced strength and durability.
Jeweller-Specific Gold Rates (July 14, 2026)
While the overall market saw a dip on August 2, major jewellers had reported largely stable prices on July 14, 2026. For instance, Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,230 per gram across several states. Tanishq's 22K rate stood at ₹13,260 per gram. For 24-karat gold, Malabar quoted ₹14,432 per gram, and Tanishq's corresponding rate was ₹14,465 per gram. These minor differences often reflect brand-specific policies, procurement costs, and regional market dynamics.