Gold prices in the national capital fell by Rs 1,300 to settle at Rs 1.44 lakh per 10 grams on July 1, 2026, according to data from the All India Sarafa Association. The decline comes after a period of volatility in global bullion markets.
Silver Extends Gains for Second Day
In contrast, silver continued its upward trajectory for the second consecutive session, rising by Rs 5,000 to reach Rs 2.35 lakh per kilogram (inclusive of all taxes). The precious metal has been supported by strong industrial demand and firm global cues.
Market analysts attributed gold's dip to profit-booking by investors amid a stable rupee and mixed signals from international markets. The yellow metal had seen gains in the previous sessions before this correction.
Global Market Influence
Internationally, gold prices edged lower as the US dollar strengthened against major currencies. Spot gold was trading around $2,350 per ounce, down 0.3%, while silver held steady near $31 per ounce.
According to PTI, the domestic price movement is closely tied to global trends and currency fluctuations. The rupee traded in a narrow range against the dollar, limiting sharp moves in local bullion prices.
Outlook for Precious Metals
Dealers noted that demand from jewellers and retailers remained moderate during the ongoing wedding season. Silver's rally was supported by its use in solar panels and electronics, boosting industrial buying.
The All India Sarafa Association reported that gold of 99.9% purity was quoted at Rs 1.44 lakh per 10 grams, while 99.5% purity gold was priced at Rs 1.43 lakh per 10 grams. Silver ready (999 fineness) was traded at Rs 2.35 lakh per kg.
Market participants are now awaiting US jobs data later this week for further direction on interest rates, which could impact bullion prices globally.
