Gold prices in India remained near an eight-month low on June 25, 2026, as global cues and a strong US dollar weighed on the yellow metal. On the Multi Commodity Exchange (MCX), gold futures for August delivery were trading at ₹46,800 per 10 grams, down 0.2% from the previous close. Silver futures for July delivery were at ₹62,500 per kilogram, down 0.3%.
City-Wise Gold Rates Today
In Chennai, the price of 24-carat gold stood at ₹46,850 per 10 grams, while 22-carat gold was at ₹42,950. Delhi saw 24-carat gold at ₹46,900 per 10 grams and 22-carat at ₹43,000. In Mumbai, 24-carat gold was ₹46,800 per 10 grams, and 22-carat was ₹42,900. Kolkata reported 24-carat gold at ₹46,880 per 10 grams, with 22-carat at ₹42,980.
According to the India Bullion and Jewellers Association (IBJA), the slight variation in prices across cities is due to local taxes and transportation costs. The all-India average for 24-carat gold was ₹46,850 per 10 grams, marking a decline of about 12% from the peak in April 2026.
Silver Prices and Market Drivers
Silver prices also edged lower, with the MCX July contract slipping to ₹62,500 per kilogram. In the spot market, silver was trading at ₹62,400 per kilogram in Delhi and ₹62,300 in Mumbai. The drop in silver mirrored gold's trend, as both metals faced headwinds from a strengthening US dollar and rising bond yields.
“The ongoing strength in the US dollar index, which is near a two-year high, has put pressure on precious metals globally. Additionally, expectations of further interest rate hikes by the US Federal Reserve are reducing the appeal of non-yielding assets like gold,” said Ravi Singh, Vice President of Commodity Research at Religare Broking.
Global Factors Impacting Gold
Internationally, spot gold was trading at $1,820 per ounce, down 0.1% on the day. The metal has lost nearly 8% over the past month, approaching its lowest level since October 2025. Analysts attribute the decline to a hawkish stance from central banks worldwide, particularly the US Federal Reserve, which has signaled more rate increases to combat inflation.
“Gold is under pressure as the dollar strengthens and real yields rise. We expect prices to remain range-bound with a downside bias in the near term,” noted a report from Kotak Securities. The report also highlighted that physical demand in India, the world's second-largest gold consumer, has been subdued due to high local prices earlier in the year and a shift in investor preference towards equities.
Outlook for Precious Metals
Market participants are now watching for the upcoming US non-farm payroll data and the Federal Reserve’s minutes, which could provide further direction. If the dollar continues to rally, gold may test the $1,800 per ounce level internationally, which would translate to around ₹46,000 per 10 grams on the MCX.
For silver, analysts see support at ₹60,000 per kilogram on the MCX. “Silver is more volatile than gold and could see sharper declines if industrial demand weakens amid a global economic slowdown,” said Pritam Patnaik, Head of Commodities at Axis Securities.
Despite the bearish sentiment, some experts advise investors to use the current dip as a buying opportunity for the long term. “Gold remains a hedge against inflation and geopolitical uncertainties. A correction of this magnitude offers a good entry point for those with a horizon of 12-18 months,” added Singh.
