Bullion Markets Stable Across Major Indian Cities
Precious metal prices, including gold and silver, remained largely stable across India on June 3, 2026, with only minor fluctuations observed in major metropolitan areas. This stability comes amidst cautious investor sentiment and consistent domestic demand, even as global markets respond to geopolitical developments in West Asia and mixed signals regarding the US dollar.
City-Wise Gold Prices for June 3, 2026
Retail rates for various purities of gold showed slight variations across different cities, influenced by local taxes, transportation costs, and jeweler margins. Here’s a snapshot of the prices per gram:
24-Carat Gold (per gram)
- Delhi: ₹15,636
- Mumbai: ₹15,621
- Kolkata: ₹15,621
- Chennai: ₹15,817
22-Carat Gold (per gram)
- Delhi: ₹14,334
- Mumbai: ₹14,319
- Kolkata: ₹14,319
- Chennai: ₹14,499
Silver Rates Remain Elevated
Silver prices continued to trade at elevated levels compared to long-term averages, buoyed by both industrial demand and investment interest. Unlike gold, silver's value is often more sensitive to global manufacturing trends, which can lead to greater volatility during periods of economic uncertainty.
Silver Prices (per kilogram)
- Delhi: ₹2,79,900
- Mumbai: ₹2,79,900
- Kolkata: ₹2,79,900
- Chennai: ₹2,89,900
Factors Influencing Precious Metal Prices
Several key factors dictate gold and silver prices in the Indian market. These include international bullion rates, the movement of the Indian Rupee against the US Dollar, prevailing import duties, and seasonal demand for jewelry. With upcoming festive and wedding seasons in various regions, stable retail demand is helping prevent sharp price corrections.
Recent Futures Market Performance
In the Multi Commodity Exchange (MCX) during a recent trading session, gold futures (July contract) settled slightly lower at ₹1,59,306 per 10 grams, experiencing a minor dip of 0.03%. Silver futures (August contract) faced a more significant correction, falling by 0.13% to ₹2,66,522 per kilogram. Analysts suggest that traders are exercising caution, awaiting further global macroeconomic cues, currency fluctuations, and geopolitical developments to determine the next major trend for precious metals.