Precious metal markets experienced a downturn on July 13, 2026, as both gold and silver futures registered a slight drop. This decline was primarily attributed to prevailing weakness observed in international bullion markets, impacting domestic rates across India.
MCX Futures Show Decline
On the Multi Commodity Exchange (MCX), gold futures were down by 1.2%, settling near ₹1.42 lakh per 10 grams. Similarly, silver futures saw a more significant drop of 2.23%, with rates falling to approximately ₹2.17 lakh per kilogram at the time of reporting.
Retail Market Insights and Purity
In the retail sector, gold continues to be traded primarily in two purities: 24-karat and 22-karat. While 24-karat gold is recognized as the purest form of the metal, 22-karat gold is widely favored for crafting jewelry due to its enhanced strength and durability, achieved through alloying with other metals.
As of July 13, 2026, retail prices varied slightly by city. For instance, 24-karat gold was priced at around ₹1,44,470 per 10 grams in Delhi and ₹1,44,320 in Mumbai. Silver rates hovered around ₹2,349 per 10 grams in major cities like Delhi, Mumbai, and Bengaluru.
Jeweler Rates and Influencing Factors
Leading jewelers also reflected the market trends, with marginal variations in their quoted prices. Joyalukkas and Malabar Gold & Diamonds offered 22-karat gold at ₹13,230 per gram across several Indian states. For 24-karat gold, Malabar quoted ₹14,433 per gram, while Tanishq's rate was ₹14,482 per gram.
These slight differences in retail prices among jewelers are typically influenced by factors such as brand-specific pricing strategies, procurement costs, and localized market conditions, even as broader bullion trends guide overall pricing.
Outlook for Precious Metal Prices
Market participants will continue to closely monitor several key indicators for future direction in precious metal prices. These include global economic data releases, expectations regarding US interest rate policies, and fluctuations in currency movements, all of which play a crucial role in shaping the value of gold and silver.