Gold prices remained largely stable across the country on Wednesday, July 29, even as silver continued to gain strength in both the physical and futures markets.
On the Multi Commodity Exchange (MCX), gold futures traded at ₹1,42,100 per 10 grams, while silver futures climbed to ₹2,17,160 per kilogram during the morning session. The gains in silver outpaced gold, reflecting strong industrial demand and continued investor interest in the precious metal.
Although prices varied slightly across regions due to local taxes and making charges, there was no significant movement from the previous trading session.
In Delhi, 24-carat gold was available at about ₹1,00,290 per 10 grams, while the 22-carat variety was priced around ₹91,950. In Mumbai, Kolkata, Chennai and Bengaluru, 24-carat gold was trading close to ₹1,00,140, with 22-carat gold retailing at nearly ₹91,800 per 10 grams.
Silver prices also remained firm across the country, with the metal trading around ₹1.17 lakh per kilogram in the retail market. The steady rise in silver prices has been supported by both investment demand and increasing industrial consumption, particularly from the electronics, renewable energy and electric vehicle sectors.
Bullion traders said the market is currently being driven more by global developments than domestic factors. Investors across the world are waiting for the outcome of the US Federal Reserve’s monetary policy meeting, which is expected to provide fresh clues on the future path of interest rates.
Although the US central bank is widely expected to keep interest rates unchanged, market participants will closely watch its commentary on inflation and economic growth. Any indication of future rate cuts could support gold prices, as lower interest rates generally improve the appeal of non-yielding assets such as bullion.
International gold prices remained stable in early trade, supported by a softer US dollar and easing bond yields. At the same time, ongoing geopolitical tensions and uncertainty over the global economic outlook continued to encourage safe-haven buying, preventing any major decline in precious metal prices.
Jewellers said customer interest remains healthy despite gold trading near record levels. While some buyers are postponing large jewellery purchases because of elevated prices, many continue to invest through smaller purchases, digital gold and gold exchange-traded funds (ETFs). Wedding-related demand and advance festive buying have also helped support the domestic bullion market.
Silver, meanwhile, has attracted increasing attention from investors this year. Besides its traditional role as a precious metal, silver is witnessing strong demand from industries involved in solar panel manufacturing, electric vehicles and advanced electronics. This growing industrial use has helped silver outperform gold in recent months.
Market experts believe precious metals are likely to remain volatile over the next few days as investors react to global economic data and the US Federal Reserve’s policy statement. Movements in the US dollar, bond yields, crude oil prices and geopolitical developments will continue to influence the direction of bullion prices.
Investors stayed cautious ahead of the US Federal Reserve’s policy decision, while steady domestic demand and firm global prices kept the bullion market well supported.
Analysts also advise consumers planning to buy jewellery to compare rates across retailers and ensure that gold ornaments carry the mandatory BIS hallmark certification. Since making charges differ from one jeweller to another, the final purchase price may vary even if the day’s gold rate remains unchanged.
For investors, financial planners continue to recommend gold as a long-term portfolio diversifier. While short-term price movements may fluctuate, gold is considered a reliable hedge against inflation and economic uncertainty. Silver, on the other hand, offers additional growth potential because of its expanding industrial applications alongside its investment appeal.
With MCX gold holding above ₹1.42 lakh and MCX silver futures extending gains beyond ₹2.17 lakh, sentiment in the bullion market remains positive. Traders will now closely monitor the Federal Reserve’s policy outcome and global market trends for fresh direction, while domestic demand during the upcoming festive and wedding season is expected to keep both gold prices and silver prices well supported in the weeks ahead.
Analysts expect gold prices and silver prices to remain range-bound in the near term, with global interest rate cues and the movement of the US dollar likely to dictate the next major trend. Domestic demand during the upcoming festive and wedding season could also provide fresh support to the bullion market.