Precious metals faced renewed selling pressure as trading opened on Monday, June 29, 2026, with both gold and silver registering notable declines in international and domestic futures markets.
In global trade on the COMEX, gold prices dropped 0.36 percent, falling by $14.60 to settle around $4,081 per ounce. Silver saw a sharper decline of more than 1.15 percent, trading near $58 per ounce. The weakness extended to India’s Multi Commodity Exchange (MCX), where August gold futures opened lower and were trading at Rs 1,43,532 per 10 grams at the time of reporting down Rs 630 from the previous close of Rs 1,44,162. During the session, the contract touched a high of Rs 1,44,180 and a low of Rs 1,43,454.
Silver futures for the same delivery month also opened weaker, declining by Rs 440 to around Rs 2,23,055 per kilogram. The contract ranged between a high of Rs 2,24,248 and a low of Rs 2,22,641, compared to the prior close of Rs 2,23,472.
Analysts attribute the downturn primarily to a firmer US dollar and growing expectations of higher interest rates, which tend to reduce the appeal of non-yielding assets like gold. Additionally, some investors appeared to be booking profits after recent gains, contributing to increased supply and downward pressure on prices.
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Retail prices in major Indian cities reflected these market movements. In New Delhi, 24-karat gold was priced at Rs 1,43,550 per 10 grams, while 22-karat stood at Rs 1,31,588 and 18-karat at Rs 1,07,663. Silver was quoted at Rs 2,22,800 per kilogram. Mumbai saw slightly higher rates, with 24-karat gold at Rs 1,43,800, 22-karat at Rs 1,31,817, and 18-karat at Rs 1,07,850, alongside silver at Rs 2,23,180 per kilogram.
In Patna, 24-karat gold traded at Rs 1,43,720, 22-karat at Rs 1,31,743, and 18-karat at Rs 1,07,790, with silver at Rs 2,23,060 per kilogram. Jaipur recorded 24-karat at Rs 1,43,780, 22-karat at Rs 1,31,798, and 18-karat at Rs 1,07,835, with silver at Rs 2,23,150. In Kanpur, rates stood at Rs 1,43,840 for 24-karat, Rs 1,31,853 for 22-karat, and Rs 1,07,880 for 18-karat gold, while silver was at Rs 2,23,240 per kilogram.
These price movements highlight the sensitivity of precious metals to global currency strength and monetary policy signals. Market participants continue to monitor developments for further direction in the coming sessions.
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