Gold prices in India took a breather on Tuesday, stepping back from recent highs as investors opted to book profits. This decline mirrored a softer trend in international markets, putting a pause on the precious metal's strong rally from the previous session.
Domestic Market Sees Correction
The benchmark gold contract on the Multi Commodity Exchange (MCX) witnessed a pullback. It slipped to Rs 1,30,266 per 10 grams. The February 2026 futures also moved lower, declining by Rs 386, or 0.3 per cent, to settle at the same level. Despite the price drop, trading activity remained robust with a total of 13,413 lots changing hands during the session.
Global Cues Drive the Downturn
The weakness in domestic prices was in sync with movements on the global stage. On the Comex exchange, the key December gold futures contract fell by $20.1, or 0.47%, settling at $4,219.2 per ounce. Market analysts pointed to profit-taking as the primary catalyst for this correction.
"Gold fell to $4,210 per ounce as investors took profits on Tuesday after prices reached a six-week peak in the previous session, amid mounting expectations of a US interest rate cut next week," explained Jigar Trivedi, Senior Research Analyst at Reliance Securities. The unwinding of positions followed bullion's climb to multi-week highs, prompting traders to lock in their gains.
City-Wise Gold Rates Across India
Here is a look at the prevailing prices for gold in major Indian cities today, reflecting the day's market correction:
- Delhi: 24K gold is priced at Rs 13,035 per gram, while 22K gold is available at Rs 11,950 per gram.
- Mumbai: The cost of 24K gold stands at Rs 13,020 per gram, and 22K gold is selling for Rs 11,935 per gram.
- Chennai: In Chennai, 24K gold is positioned at Rs 13,135 per gram, whereas 22K gold can be bought at Rs 12,040 per gram.
- Bengaluru: Bengaluru’s gold market listed 24K gold at Rs 13,020 per gram, with 22K gold priced at Rs 11,935 per gram.
- Kolkata: In Kolkata, 24K gold costed Rs 13,020 per gram, and 22K gold is priced at Rs 11,935 per gram.
- Hyderabad: The city is offering 24K gold for Rs 13,020 per gram, with 22K gold tagged at Rs 11,935 per gram.
- Ahmedabad: Across Ahmedabad, 24K gold is sold for Rs 13,025 per gram, while 22K gold stands at Rs 11,940 per gram.
- Jaipur: Consumers pay Rs 13,035 per gram for 24K gold, while 22K gold stands at Rs 11,950 per gram.
- Bhubaneswar: In Bhubaneswar, 24K gold costs Rs 13,020 per gram, and 22K gold is set at Rs 11,935 per gram.
- Kanpur: Kanpur’s prices show 24K gold at Rs 13,035 per gram, with 22K gold available for Rs 11,950 per gram.
The market's focus now shifts to upcoming US economic data and central bank decisions, which are likely to dictate the near-term trajectory for gold prices both in India and worldwide.
