Precious metal markets in India saw largely stable rates for gold and silver on Thursday, July 2, 2026. This stability mirrors trends in international bullion markets, influenced primarily by a stronger US dollar and the anticipation that the US Federal Reserve will maintain higher interest rates for an extended period. These factors typically reduce the appeal of non-yielding assets like gold.
MCX Futures Show Modest Movement
On the Multi Commodity Exchange (MCX), gold futures settled near ₹1.44 lakh per 10 grams during the trading session. Silver futures demonstrated a recovery from their daily lows, closing above ₹2.30 lakh per kilogram. Market participants are closely monitoring global economic data, US interest rate expectations, and currency movements for future direction in precious metal prices.
Retail Gold Rates Across Key Indian Cities
In the retail market, 24-karat gold, considered the purest form, saw prices varying slightly across major Indian cities:
- Delhi: ₹1,40,920 per 10 grams
- Mumbai, Bengaluru, Kolkata, Hyderabad: ₹1,40,770 per 10 grams
- Chennai: ₹1,44,560 per 10 grams
For 22-karat gold, commonly preferred for jewellery due to its strength from alloyed metals, the rates were:
- Delhi: ₹1,29,190 per 10 grams
- Mumbai, Bengaluru, Kolkata, Hyderabad: ₹1,29,040 per 10 grams
- Chennai: ₹1,32,510 per 10 grams
Silver Prices Remain Consistent
Silver prices also showed consistency across the nation. The rate for 10 grams of silver was ₹2,401 in Delhi, Mumbai, Bengaluru, and Kolkata, translating to ₹2,40,100 per kilogram. In Hyderabad and Chennai, silver was priced slightly higher at ₹2,449 per 10 grams, or ₹2,44,900 per kilogram.
Jeweller-Specific Rates
Leading jewellery retailers reported stable prices for 22-carat gold. Joyalukkas quoted ₹12,904 per gram, while Malabar Gold & Diamonds offered ₹12,905 per gram across several Indian states. Tanishq's 22K gold rate was marginally higher at ₹12,919 per gram. For 24-carat gold, Malabar's rate stood at ₹14,078 per gram, and Tanishq's was approximately ₹14,092 per gram. These minor retail price differences are typically influenced by brand-specific pricing strategies, procurement costs, and local market conditions, while broader bullion trends guide overall pricing.