On July 8, 2026, precious metal markets experienced a slight divergence in trends. Gold and silver futures on the Multi Commodity Exchange (MCX) registered a marginal dip, while retail prices for both metals largely held steady across India's major cities.
MCX Futures See Minor Decline
At the time of reporting, gold futures on the MCX were marginally lower by 0.01%, trading at ₹1.45 lakh per 10 grams. Similarly, silver futures also saw a slight decrease of 0.01%, settling at ₹2.30 lakh per kilogram. This minor weakening in domestic rates was primarily attributed to a softer trend observed in international bullion markets.
Retail Gold Rates Across Key Indian Cities
In the retail market, 24-karat gold prices varied slightly by city:
- Delhi: ₹1,45,400 per 10 grams
- Mumbai, Bengaluru, Kolkata, Hyderabad: ₹1,45,250 per 10 grams
- Chennai: ₹1,46,170 per 10 grams
For 22-karat gold, commonly preferred for jewellery due to its durability, the rates were:
- Delhi: ₹1,33,290 per 10 grams
- Mumbai, Bengaluru, Kolkata, Hyderabad: ₹1,33,140 per 10 grams
- Chennai: ₹1,33,990 per 10 grams
Silver Prices Remain Stable in Retail
Retail silver prices also showed stability across most regions:
- Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad: ₹2,449 per 10 grams and ₹2,44,900 per kilogram
- Chennai: ₹2,499 per 10 grams and ₹2,49,900 per kilogram
Leading Jewellers Hold Prices Steady
As of July 7, 2026, leading jewellery retailers reported largely stable prices. Joyalukkas, Malabar Gold & Diamonds, and Tanishq all quoted 22-karat gold at ₹13,329 per gram across various Indian states. For 24-karat gold, Malabar Gold & Diamonds and Tanishq both listed rates around ₹14,540 per gram.
Marginal differences in retail prices between brands and regions are influenced by specific pricing policies, procurement costs, and local market conditions. However, overall bullion market trends continue to be the primary driver for gold and silver rates.
Factors Influencing Precious Metal Markets
Market participants are closely monitoring several key global factors for future direction in precious metal prices. These include evolving global economic data, expectations surrounding US interest rate decisions, and fluctuations in currency movements, all of which can impact the demand and supply dynamics of gold and silver.