Weekend Bullion Review: Gold Rebounds ₹400 After Four-Day Losing Streak; Silver Surges ₹5,000 as Dollar Weakens

Mumbai, July 11: The domestic bullion market witnessed a week of extreme volatility, with gold prices swinging sharply as global geopolitical tensions, currency movements and shifting US interest rate expectations drove precious metal prices in both directions.  

The yellow metal opened the week near a two-week high after posting its first weekly gain since May, only to suffer four consecutive sessions of decline mid-week, before staging a recovery on Friday on value buying and a weaker US dollar.  

Silver mirrored this volatility, ending the week with a sharp rebound after a prolonged losing streak, while domestic gold discounts widened to $19 per ounce as price volatility froze retail buying. 

Gold Opens Week Near Two-Week High at ₹14,672 Per Gram on Cooling US Rate Hike Bets 

Gold prices remained elevated across India on Monday, supported by persistent global uncertainty and improving investor demand for safe-haven assets. The precious metal registered its first weekly gain since May, reflecting renewed buying interest amid easing expectations of aggressive US Federal Reserve interest rate hikes.

Check list of Gold ETFs in India

According to market data, 24-carat gold was priced at ₹14,672 per gram in Mumbai, Kolkata, Bengaluru, Hyderabad and several other cities. In Delhi, the rate stood slightly higher at ₹14,687 per gram, while Chennai recorded the highest price among major metros at ₹14,945 per gram. The corresponding 22-carat gold price was ₹13,449 per gram in most cities and ₹13,699 per gram in Chennai.  

Silver prices witnessed a marginal decline, trading at ₹249.90 per gram, with one kilogram costing ₹2,49,900 in most major cities. In the international market, spot gold was steady at $4,175.02 per ounce, having posted a weekly gain of more than 2% following four straight weeks of declines. 

Gold Plunges ₹1,400 as Stronger Rupee and Weak Global Cues Weigh on Domestic Prices 

Gold prices fell sharply by ₹1,400 to ₹1.49 lakh per 10 grams in the national capital on Tuesday, while silver slipped ₹200, as a stronger rupee and weak global trends weighed on the precious metals. The yellow metal of 99.9% purity depreciated by ₹1,400 to ₹1,49,250 per 10 grams from Monday’s closing level of ₹1,50,650. Silver prices also eased by ₹200 to ₹2,39,800 per kilogram.  

Analysts said domestic bullion prices came under pressure as the rupee appreciated sharply against the dollar. On the MCX, gold prices fell near ₹1.45 lakh per 10 grams, with silver also easing amid escalating US-Iran tensions. In the international market, spot gold fell $24.54, or 0.59%, to $4,140.59 per ounce, and silver declined nearly 2% to $60.89 per ounce. Gold futures on the MCX slumped by ₹2,308 to ₹1.43 lakh per 10 grams, tracking losses in global markets as a rally in crude oil rates dented the appeal of the precious metal. 

Gold Extends Losses for Third Straight Session, Falls ₹800 to ₹1.48 Lakh/10g 

Declining for the third straight session, gold prices fell ₹800 to ₹1.48 lakh per 10 grams in the national capital on Wednesday, as weak global trends and a spike in crude oil rates amid escalating tensions in West Asia dampened investor sentiment. The yellow metal depreciated by ₹800 to ₹1,48,450 per 10 grams from Tuesday’s closing level of ₹1,49,250. The price of 24-carat gold stood at ₹1,45,280 per 10 grams, down by ₹330 (0.23%) from the previous close.  

City-wise retail rates on Wednesday showed 24-carat gold at ₹1,41,600 per 10 grams in Delhi, ₹1,41,450 in Mumbai, ₹1,42,050 in Chennai, and ₹1,41,450 in Bengaluru and Hyderabad. Silver prices eased alongside gold, with silver at ₹2,30,000 per kg in most cities and ₹2,40,000 in Chennai and Hyderabad.  

On the MCX, gold was ended at ₹1,43,650 per 10 grams, 1.2% down from the previous close. Silver was down marginally by 0.16% to ₹2,23,079 per 1 kg. International spot gold on US Comex was around $4,086.9 per ounce, while silver was trading at $58.76 per ounce. The London spot gold price witnessed a dramatic high-volume selloff, plunging from an intraday high of $4,134.02 to a low of $4,021.52, marking an intraday amplitude of over $112 before closing at $4,074.45. 

Gold Falls for Fourth Straight Session as Rupee Strength Overcomes Overseas Gains 

Gold prices in Delhi fell for the fourth consecutive session on Thursday, with the price of 99.9% purity gold declining by ₹350 to ₹1,48,100 per 10 grams. Silver also extended its losses, falling by ₹7,800 to ₹2,32,000 per kilogram from ₹2,39,800 a day earlier. The appreciation of the rupee against the dollar reduced the cost of imported bullion, putting pressure on domestic gold and silver prices.  

Weak local demand also contributed to the decline. In the international market, spot gold rose by $27.23, or nearly 1%, to $4,104.75 per ounce. Spot silver also gained more than 1% to $58.96 per ounce after recovering from the sharp decline in the previous session. On the MCX, gold closed at ₹1,45,350 per 10 grams, marginally gaining 0.03% from its previous close. Similarly, silver was marginally up by 0.03% to ₹2,26,450 per 1 kg.  

City-wise rates on Thursday showed 24-carat gold at ₹1,45,400 per 10 grams in Delhi, ₹1,45,250 in Mumbai and Kolkata, ₹1,45,400 in Chennai, and ₹1,45,250 in Hyderabad. Silver prices in Delhi were at ₹2,25,920 per kg, while in Mumbai the price stood at ₹2,26,310 per kg. 

Gold Rebounds ₹400 on Friday, Silver Surges ₹5,000 as Dollar Weakens 

Gold prices edged up by ₹400 to ₹1,48,500 per 10 grams in the national capital on Friday, while silver jumped ₹5,000, as value buying by traders and a weak US dollar revived demand for precious metals. The yellow metal of 99.9% purity closed at ₹1,48,100 per 10 grams in the preceding session.  

Silver snapped its three-session losing streak, surging ₹5,000 to ₹2,37,000 per kilogram from Thursday’s closing level of ₹2,32,000. Traders said the recovery came as the dollar index weakened for the third straight session, boosting the appeal of precious metals, while investors also took advantage of lower prices after gold touched a one-week low earlier this week.  

Check list of Silver ETFs in India

In the domestic market, MCX silver futures for September 2026 delivery were up ₹613 to ₹2,26,990 per kg, while gold futures for August 2026 delivery fell by ₹440 to ₹1,44,860 per 10 grams. Spot gold slipped by $17.57, or 0.43%, to $4,106.25 per ounce in the international markets, and silver fell nearly 1% to $59.54 per ounce.  

In Mumbai, 10g of 24K gold was priced at ₹143,470 and 10g of 22K gold at ₹131,420 on Friday. Retail silver in Mumbai was at ₹2,200 per 10 grams and ₹220,484 per kg.  City-wise, 24-carat gold was at ₹14,482 per gram in Mumbai, Kolkata, Bengaluru, Hyderabad and Pune, while Chennai recorded ₹14,564 per gram and Delhi ₹14,495 per gram. 

India Gold Discounts Widen to $19 as Volatility Freezes Retail Demand 

Domestic gold traded at a wide discount this week as sharp price volatility weighed on demand. Indian jewelers cut gold prices by as much as $19 per ounce as the sharp volatility discouraged fresh purchases, with many buyers avoiding the market entirely. This contrasted with China, where buying interest remained steady and the central bank reported its largest monthly increase in gold reserves in more than 2.5 years in June. Domestic gold prices in India were trading around ₹1,44,800 per 10 grams on Friday, after rising to ₹1,48,069 the previous week. 

US-Iran Tensions and Fed Rate Expectations Drive Weekly Volatility 

The primary driver of bullion prices this week was the escalating conflict between the United States and Iran. The US launched fresh strikes on Iran after revoking a licence that had authorised the sale of Iranian oil, following attacks on tankers in the Strait of Hormuz. In retaliation, Iran reportedly resumed attacks in the region, launching missiles at US military sites in Bahrain and Kuwait.  

US President Donald Trump further escalated tensions by declaring the ceasefire with Iran effectively over and warning of another night of strikes. Crude oil prices surged, and the US dollar strengthened, fuelling concerns that inflation could remain elevated and keep interest rates higher for longer. According to CME’s FedWatch tool, markets priced in a 64% to 67% probability of a September rate hike, up from around 54% a week ago. Although gold is widely viewed as a hedge against inflation, higher interest rates tend to reduce its appeal because the metal does not offer any yield.  

Market participants are now awaiting next week’s US Consumer Price Index data, which is expected to provide fresh guidance on the Federal Reserve’s interest-rate trajectory 

The week’s bullion market was defined by extreme volatility driven by US-Iran geopolitical tensions, currency fluctuations and shifting Fed rate expectations. The sharp mid-week selloff and Friday’s recovery highlighted the market’s sensitivity to geopolitical developments and dollar movements. With the dollar index weakening for three straight sessions and diplomatic efforts between the US and Iran appearing to resume, market participants are awaiting next week’s US Consumer Price Index data for fresh guidance on the Federal Reserve’s interest-rate trajectory.

Source 

• https://silverprice.org/silver-price-india.html 

• https://goldprice.org/gold-price-india.html