The gold rate today witnessed a sharp correction across India on Friday, with the precious metal extending its losses for a third consecutive week amid a stronger United States dollar and expectations that the United States Federal Reserve could keep interest rates higher for longer. The decline in the gold price today was mirrored by silver, as investors reassessed their outlook following hawkish comments from policymakers and easing geopolitical tensions in the Middle East.
At around 7:50 a.m., the benchmark 24K gold price stood at approximately ₹149,660 per 10 grams, significantly lower than Thursday’s level of ₹154,180 per 10 grams. Meanwhile, Silver 999 Fine was quoted at ₹238,700 per kilogram, reflecting weakness across the precious metals market.
On the domestic futures market, the MCX gold price traded near ₹149,378 per 10 grams, while MCX Silver was quoted at ₹237,620 per kilogram, indicating continued pressure on bullion prices.
Gold Rate Today in Mumbai, Delhi, Kolkata and Other Cities
The gold rate today across major Indian cities reflected the broader decline in international bullion prices. Jewellers and bullion traders reported softer rates for 24K gold price, 22K gold price, and 18K gold price, providing some relief for consumers planning jewellery purchases or investments.
Market participants noted that while retail prices may differ slightly because of local taxes, transportation costs, and making charges, the nationwide trend remained decisively lower as global prices weakened.
Consumers looking to purchase jewellery are advised to verify the day’s rates with local jewellers, as retail prices can fluctuate throughout the trading session depending on international market movements and domestic demand.
Why Gold and Silver Prices Fell Today
The latest decline in the gold price India was largely driven by strength in the United States dollar and renewed expectations that the United States Federal Reserve may not reduce interest rates this year. Higher interest rates generally reduce the appeal of non-yielding assets such as gold because investors can earn better returns from interest-bearing investments.
Internationally, spot gold declined by around 0.5% to approximately $4,189.26 per ounce, while August gold futures fell nearly 0.9% to $4,207.80 per ounce. Platinum and palladium also recorded modest losses, reflecting broader weakness across precious metals.
Investor sentiment also improved after oil tankers resumed movement through the Strait of Hormuz following an interim agreement between the United States and Iran to lift the blockade. Reduced geopolitical uncertainty typically lowers demand for safe-haven assets such as gold, contributing to the latest decline.