New Delhi: The gold price in India witnessed a sharp decline in early trade on Monday, with both futures and retail markets showing significant weakness. Investors reacted to global economic signals, including rising crude oil prices due to West Asia tensions and stronger-than-expected US economic data, which together weighed on bullion demand.
The gold price in India movement reflected broader uncertainty in global financial markets, with expectations that interest rates in the US may remain elevated for a longer period, reducing the appeal of non-yielding assets like gold.
MCX Gold Sees Heavy Selling Pressure
On the Multi Commodity Exchange (MCX), the gold price in India recorded a steep fall during early trading hours.
- Gold (Aug 5 delivery) previous close: ₹1,55,594 per 10 grams
- Opening price: ₹1,54,177 per 10 grams
- Intraday low: ₹1,52,712 per 10 grams
- Mid-session price: ₹1,53,445 per 10 grams (down ₹2,149 or 1.38%)
The sharp movement highlights continued volatility in the gold price in India, driven by global market cues and investor caution.
Silver Prices Also Decline Sharply
The gold price in India trend was mirrored by silver, which also saw a steep correction in futures trading.
Silver (July 3 delivery) previous close: ₹2,48,537 per kg
Opening price: ₹2,51,001 per kg
Intraday low: ₹2,39,064 per kg
Mid-session price: ₹2,40,024 per kg (down ₹8,513 or 3.43%)
The decline indicates broader weakness in the precious metals segment alongside the falling gold price in India.
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Gold Price in India : Retail Gold Rates Across Major Cities
The gold price in India also declined in retail markets across major cities:
- Delhi: ₹1,51,840 (24K), ₹1,39,200 (22K), ₹1,13,920 (18K)
- Mumbai: ₹1,51,690 (24K), ₹1,39,050 (22K), ₹1,13,770 (18K)
- Kolkata: ₹1,51,690 (24K), ₹1,39,050 (22K), ₹1,13,770 (18K)
- Chennai: ₹1,53,490 (24K), ₹1,40,700 (22K), ₹1,17,950 (18K)
- Lucknow: ₹1,51,840 (24K), ₹1,39,200 (22K), ₹1,13,920 (18K)
- Jaipur: ₹1,51,840 (24K), ₹1,39,200 (22K), ₹1,13,920 (18K)
- Patna: ₹1,51,740 (24K), ₹1,39,100 (22K), ₹1,13,820 (18K)
- Bhopal: ₹1,51,740 (24K), ₹1,39,100 (22K), ₹1,13,820 (18K)
Global Factors Driving Market Sentiment
Market experts say the gold price in India is being influenced by multiple global factors, including:
- Rising crude oil prices due to geopolitical tensions
- Strong US economic data
- Expectations of prolonged high interest rates
- Strengthening US dollar and bond yields
These factors have reduced investor appetite for safe-haven assets like gold in the short term.
Outlook Remains Volatile
Analysts believe the gold price in India may continue to remain volatile in the near future as global uncertainties persist. Any changes in US Federal Reserve policy or geopolitical developments could further impact bullion prices in domestic markets.