Gold Prices Fluctuate on MCX; Silver Declines Sharply
Gold prices on the Multi Commodity Exchange (MCX) exhibited volatility on June 29, 2026, as traders weighed global cues and domestic demand. Meanwhile, silver contracts dropped significantly by Rs 2,300 per kg, reflecting bearish sentiment in the precious metals market.
MCX Gold and Silver Contracts Performance
According to market data, the most active gold futures contract on MCX (August 2026 expiry) opened at Rs 71,200 per 10 grams and fluctuated within a range of Rs 70,800 to Rs 71,500 during the session. The contract settled at Rs 71,100, down 0.3% from the previous close. Silver futures (September 2026 expiry) plunged to Rs 87,500 per kg from the prior close of Rs 89,800, marking a decline of 2.6%.
Global Factors Impacting Prices
Analysts attributed the volatility in gold to a stronger US dollar and rising bond yields. A Reuters report noted that the dollar index edged higher, making gold more expensive for holders of other currencies. Additionally, expectations of further interest rate hikes by the Federal Reserve weighed on bullion demand. Silver, often used in industrial applications, faced additional pressure from weak manufacturing data in China and Europe.
City-wise Gold Rates (June 29, 2026)
Here are the spot gold prices (22-carat per 10 grams) in major Indian cities, as reported by the India Bullion and Jewellers Association (IBJA):
- Delhi: Rs 71,050
- Mumbai: Rs 70,950
- Chennai: Rs 71,200
- Kolkata: Rs 71,100
- Bengaluru: Rs 71,000
- Hyderabad: Rs 71,150
- Ahmedabad: Rs 70,900
- Jaipur: Rs 71,050
- Lucknow: Rs 71,080
- Patna: Rs 71,120
Silver Rates Across Cities
Silver prices (per kg) in key cities on the same day:
- Delhi: Rs 87,400
- Mumbai: Rs 87,300
- Chennai: Rs 87,600
- Kolkata: Rs 87,500
Outlook for Precious Metals
Market participants remain cautious ahead of US GDP data and the Federal Reserve's preferred inflation gauge due later this week. A trader at Motilal Oswal Financial Services said, "Gold is likely to remain range-bound with a negative bias as the dollar strengthens. Silver may see further downside if industrial demand continues to weaken." Investors are advised to monitor global economic indicators and central bank policies for short-term trading cues.
