Precious metal markets saw a marginal decline on July 29, 2026, as global bullion market weakness impacted domestic prices. Both gold and silver futures on the Multi Commodity Exchange (MCX) registered drops, while retail rates reflected the downward trend.
MCX Futures See Decline
On the MCX, gold futures for 10 grams were down by 0.88%, trading at ₹1.42 lakh. Concurrently, silver futures experienced a more significant drop of approximately 2%, settling at ₹2.17 lakh per kilogram. These movements align with broader trends observed in international markets.
Retail Rates Reflect Market Shift
In the retail sector, gold prices reached ₹1.51 lakh per 10 grams, while silver rates approached ₹2.35 lakh per kilogram across major Indian cities. Consumers typically trade gold in two primary purities: 24-karat, recognized as the purest form, and 22-karat, preferred for jewelry due to its enhanced strength from alloyed metals.
For instance, on July 29, 2026:
- Delhi: 24K gold at ₹1,44,310 per 10gm; 22K gold at ₹1,32,290 per 10gm. Silver at ₹2,34,900 per kg.
- Mumbai: 24K gold at ₹1,44,160 per 10gm; 22K gold at ₹1,32,140 per 10gm. Silver at ₹2,34,900 per kg.
Factors Influencing Precious Metal Prices
Market participants are closely monitoring several global economic indicators for future direction in precious metal prices. Key factors include:
- Global economic data releases
- Expectations regarding US interest rate adjustments
- Fluctuations in currency movements
These elements collectively contribute to the volatility and trends observed in both gold and silver markets.