Gold prices in the Indian retail market showed stability on Friday, June 26, with the yellow metal maintaining its rates. In contrast, silver recorded a minor fall, influenced by a weakening trend in international bullion markets. This shift comes as the US dollar strengthens and market expectations point towards the US Federal Reserve potentially keeping interest rates elevated for a longer period, diminishing the appeal of non-yielding assets like gold and silver.
MCX Trends and Retail Purity
On the Multi Commodity Exchange (MCX), gold futures saw a modest rise of approximately 0.49%, closing near ₹1.44 lakh per 10 grams on Friday. Silver futures, however, faced selling pressure, slipping below the ₹2.10 lakh per kilogram mark.
In the retail sector, gold is primarily traded in two purities: 24-karat and 22-karat. While 24-karat gold is recognized for its pristine purity, 22-karat gold is widely favored for crafting jewellery. Its composition, which includes alloyed metals, provides enhanced strength and durability.
City-Specific Gold and Silver Rates
Among major Indian cities, Chennai reported the highest gold rates on June 26. A 10-gram bar of 24-karat gold was priced at ₹1,43,340, with 22-karat gold at ₹1,31,390 per 10 grams. Silver (999 fine) in Chennai was quoted at ₹2,29,900 per kilogram.
Delhi also showed significant rates, with 24-karat gold at ₹1,41,470 per 10 grams and 22-karat gold at ₹1,29,690 per 10 grams. Silver prices in the capital stood at ₹2,34,900 per kilogram. Other major cities like Mumbai, Bengaluru, Kolkata, and Hyderabad reported similar rates, with 24-karat gold at ₹1,41,320 per 10 grams and 22-karat gold at ₹1,29,540 per 10 grams.
Jeweller Pricing Variations
Leading jewellery retailers also reported largely stable gold prices. Joyalukkas and Malabar Gold & Diamonds quoted 22-carat gold at ₹13,100 per gram across several Indian states. Tanishq's 22K gold rate was slightly higher at ₹13,275 per gram. For 24-carat gold, Malabar priced it at ₹14,291 per gram, while Tanishq's equivalent rate was around ₹14,482 per gram. These minor differences in retail prices are influenced by brand-specific policies, procurement costs, and regional market dynamics, although overall bullion trends remain the primary guide for gold rates.
Outlook for Precious Metals
Market participants will continue to monitor global economic data, expectations regarding US interest rates, and currency movements for future direction in precious metal prices.