Precious metal prices, including gold and silver, experienced a downturn across Indian markets on Sunday, June 29, 2026. This dip is largely attributed to a strengthening US dollar and increasing market expectations that the US Federal Reserve will maintain higher interest rates for an extended period, diminishing the appeal of non-yielding assets like gold.
MCX Futures Show Decline
On the Multi Commodity Exchange (MCX), gold futures registered a fall of approximately 0.64%, trading near ₹143,670 per 10 grams by 11 am IST. Silver futures also faced selling pressure, with prices slipping to around ₹222,700 per kilogram.
Retail Gold Rates Across Major Cities
In the retail market, 24-karat gold, considered the purest form, and 22-karat gold, widely used for jewelry due to its durability, showed varied rates across India's major cities:
- Delhi: 24K gold at ₹1,43,170 per 10 grams; 22K gold at ₹1,31,250 per 10 grams.
- Mumbai: 24K gold at ₹1,43,020 per 10 grams; 22K gold at ₹1,31,100 per 10 grams.
- Bengaluru: 24K gold at ₹1,43,020 per 10 grams; 22K gold at ₹1,31,100 per 10 grams.
- Kolkata: 24K gold at ₹1,43,020 per 10 grams; 22K gold at ₹1,31,100 per 10 grams.
- Hyderabad: 24K gold at ₹1,43,020 per 10 grams; 22K gold at ₹1,31,100 per 10 grams.
- Chennai: 24K gold at ₹1,40,900 per 10 grams; 22K gold at ₹1,33,000 per 10 grams.
Silver Prices Today
Silver also saw price fluctuations across different cities:
- Delhi: ₹2,400 per 10 grams; ₹2,40,000 per kilogram.
- Mumbai: ₹2,400 per 10 grams; ₹2,40,000 per kilogram.
- Bengaluru: ₹2,400 per 10 grams; ₹2,40,000 per kilogram.
- Kolkata: ₹2,400 per 10 grams; ₹2,40,000 per kilogram.
- Hyderabad: ₹2,450 per 10 grams; ₹2,45,000 per kilogram.
- Chennai: ₹2,450 per 10 grams; ₹2,45,000 per kilogram.
Jeweler Rates Comparison
Leading jewelers also reflected these trends, with minor variations based on brand pricing and regional conditions. On June 26, 2026, Joyalukkas and Malabar Gold & Diamonds quoted 22-carat gold at ₹13,110 per gram across major Indian states. Tanishq's 22K gold rate was slightly higher at ₹13,155 per gram. For 24-carat gold, Malabar quoted ₹14,302 per gram, while Tanishq's rate was approximately ₹14,351 per gram.
Market participants will continue to monitor global economic data, US interest rate expectations, and currency movements for further indications on precious metal prices.