On June 28, 2026, the Indian precious metals market saw gold prices hold steady, contrasting with a slight fall in silver rates. The stability in gold and the dip in silver were largely attributed to a stronger US dollar internationally and growing anticipation that the US Federal Reserve might maintain higher interest rates for an extended period, dampening the appeal of non-yielding assets like gold and silver.
Market Dynamics and Futures Trading
On the Multi Commodity Exchange (MCX), gold futures registered a modest rise of approximately 0.49%, trading near ₹1.44 lakh per 10 grams by Friday's close. In contrast, silver futures faced selling pressure, slipping below the ₹2.10 lakh per kilogram mark, reflecting the broader trend of weakness in the international bullion market.
Understanding Gold Purity: 24K vs. 22K
In the retail market, gold is predominantly traded in two purities: 24-karat and 22-karat. While 24-karat gold is celebrated for its near-absolute purity, 22-karat gold is widely favored for jewellery manufacturing. Its composition includes alloyed metals, which enhance its strength and durability, making it more suitable for intricate designs and daily wear.
Retail Gold and Silver Rates Across Major Cities
As of June 28, 2026, retail prices for gold and silver varied across India's metropolitan centers:
- Chennai: Recorded the highest gold rates, with 24-karat gold priced at ₹1,45,100 per 10 grams and 22-karat gold at ₹1,33,010 per 10 grams. Silver (999 fine) was quoted at ₹2,59,000 per kilogram.
- Delhi: 24-karat gold was available at ₹1,42,960 per 10 grams, and 22-karat gold at ₹1,31,060 per 10 grams. Silver prices stood at ₹2,57,100 per kilogram.
- Mumbai: Prices were ₹1,42,760 per 10 grams for 24-karat gold and ₹1,29,540 per 10 grams for 22-karat gold. Silver was priced at ₹2,57,000 per kilogram.
- Kolkata: Buyers found 24-karat gold at ₹1,42,760 per 10 grams and 22-karat gold at ₹1,30,860 per 10 grams. Silver rates were ₹2,52,000 per kilogram.
- Bengaluru: 24-karat gold was ₹1,42,760 per 10 grams, with 22-karat gold at ₹1,30,860 per 10 grams. Silver was ₹2,51,000 per kilogram.
- Hyderabad: 24-karat gold was ₹1,42,760 per 10 grams, and 22-karat gold was ₹1,30,860 per 10 grams. Hyderabad recorded the highest silver rate at ₹2,61,000 per kilogram.
Jeweller-Specific Pricing
Leading jewellery retailers also displayed minor variations in their pricing. Joyalukkas and Malabar Gold & Diamonds both quoted 22-carat gold at ₹13,100 per gram across several states. Tanishq, however, had a slightly higher rate for 22K gold at ₹13,275 per gram. For 24-carat gold, Malabar Gold & Diamonds offered it at ₹14,291 per gram, while Tanishq's rate was approximately ₹14,482 per gram. These differences are typically influenced by brand-specific policies, operational costs, and local market conditions, though the overarching bullion trends continue to guide overall gold prices.
Market participants will closely monitor global economic data, US interest rate expectations, and currency movements for future direction in precious metal prices.