Gold and silver prices on July 1, 2026, continued to show stability, with the yellow metal remaining below the significant ₹1.5 lakh threshold per 10 grams. This trend follows recent pressures from international bullion markets, influenced by a stronger US dollar and expectations of prolonged higher interest rates from the US Federal Reserve.
MCX Performance and Influencing Factors
On the Multi Commodity Exchange (MCX), gold futures settled near ₹1.42 lakh per 10 grams during the trading session on Wednesday, June 24, 2026. Silver futures demonstrated resilience, recovering from daily lows to close above ₹2.25 lakh per kilogram. The broader precious metals market has been affected by a stronger US dollar, which typically makes dollar-denominated assets like gold more expensive for holders of other currencies. Furthermore, the anticipation that the US Federal Reserve might maintain elevated interest rates for an extended period has reduced the appeal of non-yielding assets such as gold.
Retail Market Insights
In the retail sector, gold is primarily traded in two purities: 24-karat and 22-karat. While 24-karat is recognized as the purest form, 22-karat gold is widely favored for jewellery due to its enhanced strength and durability, attributed to the inclusion of alloyed metals. Retail prices for 24-karat gold ranged around ₹1,42,050 to ₹1,43,900 per 10 grams across major Indian cities like Mumbai, Bengaluru, and Chennai. Similarly, 22-karat gold was priced between ₹1,30,210 and ₹1,31,990 per 10 grams.
Leading Jewellers' Rates
- Joyalukkas and Malabar Gold & Diamonds: Quoted ₹13,195 per gram for 22-carat gold.
- Tanishq: Priced 22K gold slightly higher at ₹13,275 per gram.
- Malabar Gold & Diamonds (24K): ₹14,395 per gram.
- Tanishq (24K): Approximately ₹14,482 per gram.
These slight variations in retail prices reflect brand-specific policies, procurement costs, and regional market dynamics, although overall bullion trends remain the primary guide for gold prices.
Market participants will continue to monitor global economic data, US interest rate expectations, and currency movements for further direction in precious metal prices.