Gold and silver prices traded lower in India on Tuesday, July 28, with weakness seen across both the domestic futures market and retail bullion prices. On the Multi Commodity Exchange (MCX), gold futures slipped to ₹1,42,940 per 10 grams, while silver futures declined to ₹2,18,920 per kg during early trade. The softer trend was reflected in the retail bullion market as well, where 24-carat and 22-carat gold prices edged lower across major cities amid cautious investor sentiment ahead of the US Federal Reserve’s policy meeting.
The decline in MCX gold prices came despite gains in international bullion markets, underscoring the impact of domestic factors such as profit booking, rupee movements and futures-market positioning. Traders remained cautious as global investors awaited fresh cues on interest rates and inflation.
According to the latest retail bullion rates, 24-carat gold in Delhi was priced at ₹1,42,410 per 10 grams, while 22-carat gold stood at ₹1,30,543 per 10 grams. The silver price in the national capital was ₹2,17,830 per kg.
In Mumbai, 24-carat gold was selling at ₹1,42,660 per 10 grams, while 22-carat gold was available at ₹1,30,772 per 10 grams. The city’s silver rate stood at ₹2,18,210 per kg.
In Chennai, 24-carat gold was quoted at ₹1,43,080 per 10 grams, among the highest in the country, while 22-carat gold was priced at ₹1,30,964 per 10 grams. Silver was available at ₹2,18,870 per kg.
In Hyderabad, 24-carat gold traded at ₹1,42,870 per 10 grams, while 22-carat gold stood at ₹1,30,964 per 10 grams. The silver rate was ₹2,18,730 per kg.
In Bengaluru, 24-carat gold was priced at ₹1,42,750 per 10 grams, while 22-carat gold was quoted at ₹1,30,854 per 10 grams. Silver was trading at ₹2,18,560 per kg.
In Kolkata, the 24-carat gold rate stood at ₹1,42,450 per 10 grams, while 22-carat gold was available at ₹1,30,579 per 10 grams. Silver was quoted at ₹2,18,100 per kg.
The variation in gold prices across Indian cities is primarily due to transportation costs, local taxes, logistics, dealer margins and regional demand. The final price paid by consumers may also differ because of making charges and GST levied by jewellers.
Globally, spot gold prices edged higher as investors sought the safety of precious metals despite easing tensions in the Middle East. A weaker US dollar also supported international bullion prices by making gold more attractive for overseas buyers.
International spot gold was trading near $4,087.59 per ounce, while US gold futures hovered around $4,090 per ounce. Market participants also tracked the decline in crude oil prices after geopolitical tensions eased, reducing inflation concerns but keeping demand for safe-haven assets intact.
The spotlight is now on the US Federal Reserve’s monetary policy decision, with markets widely expecting interest rates to remain unchanged. Investors are awaiting guidance from the central bank on the future interest-rate trajectory, which is likely to influence global bullion prices and investment flows into precious metals.
Silver also remained under pressure in domestic trade. Apart from investment demand, the metal is heavily influenced by industrial consumption, particularly from the electronics, renewable energy and automobile sectors. Any shift in global manufacturing activity or economic outlook can therefore have a greater impact on silver prices than on gold.
Market analysts said bullion prices are likely to remain volatile in the near term as investors react to the US Federal Reserve’s policy outcome, movements in the US dollar, crude oil prices and geopolitical developments. Domestic bullion prices will also be influenced by the rupee’s movement against the dollar and trends in the futures market.
For now, jewellers and investors are expected to closely monitor global cues before taking fresh positions. While the recent decline offers some relief to buyers, analysts believe the overall trend in the Indian bullion market will continue to depend on international gold prices, central bank signals and global economic developments over the coming sessions.