Gold prices rise as US dollar weakens and crude prices ease
New Delhi: Gold prices in India’s retail market moved higher in early trade today, supported by a weaker US dollar and softer crude oil prices.
Precious metals also continued to draw investor interest amid uncertainty surrounding the Middle East, reinforcing their role as safe-haven assets.
On the Multi Commodity Exchange (MCX), October gold futures rose 0.13 per cent to Rs 1,63,041 per 10 grams at around 9.50 a.m. September silver futures gained 0.48 per cent to Rs 2,45,299 per kg.
The decline in crude oil prices has not eased concerns over geopolitical tensions in the Middle East. Persistent uncertainty has encouraged investors to increase exposure to gold and silver as a hedge against market volatility and broader economic risks.
The Trump administration on Monday announced plans to put further pressure on Iran’s economy by threatening secondary sanctions against entities supporting the Islamic Republic. Tehran said the latest US sanctions would not contribute to restoring peace in the region.
Gold is generally sold in 24-carat and 22-carat purity in the Indian retail market. While 24-carat gold represents the highest level of purity, 22-carat gold is widely preferred for jewellery because it offers greater durability.
On Wednesday, 24-carat gold was priced at Rs 1,63,300 per 10 grams, while 22-carat gold stood at Rs 1,49,692 per 10 grams. Silver 999 Fine was priced at Rs 2,46,290 per kg, according to data from the Indian Bullion Association (IBA).
Retail prices can vary from the quoted bullion rates because jewellers may add making charges, taxes and Goods and Services Tax (GST) to the final bill.
According to a media report, in New Delhi, 24-carat gold was priced at Rs 1,62,870 per 10 grams, while 22-carat gold stood at Rs 1,49,298 per 10 grams. Silver 999 Fine was available at Rs 2,45,770 per kg. Whereas in Mumbai, 24-carat gold was priced at Rs 1,63,150 per 10 grams and 22-carat gold at Rs 1,49,554 per 10 grams. Silver 999 Fine stood at Rs 2,46,190 per kg.
Bengaluru recorded a 24-carat gold price of Rs 1,63,280 per 10 grams, while 22-carat gold was priced at Rs 1,49,673 per 10 grams. Silver 999 Fine stood at Rs 2,46,390 per kg. While in Kolkata, 24-carat gold was priced at Rs 1,63,130 per 10 grams and 22-carat gold at Rs 1,49,444 per 10 grams. Silver 999 Fine stood at Rs 2,43,220 per kg.
Hyderabad recorded a 24-carat gold rate of Rs 1,63,410 per 10 grams, while 22-carat gold was priced at Rs 1,49,793 per 10 grams. Silver 999 Fine stood at Rs 2,46,580 per kg.
In Chennai, 24-carat gold was priced at Rs 1,63,560 per 10 grams, while 22-carat gold stood at Rs 1,49,930 per 10 grams. Silver 999 Fine was priced at Rs 2,46,730 per kg.
Gold prices have remained volatile amid fluctuations in the US dollar and crude oil markets. Domestic spot gold prices have declined more than 4 per cent since the US-Iran war began on 28 February, according to MCX data.
The recent correction could offer an entry point for investors seeking exposure to gold, particularly those looking to benefit from lower prices following the recent volatility.
Gold recorded its strongest annual rally since 1979 last year, gaining more than 75 per cent. In recent months, prices have continued to receive support from safe-haven demand amid geopolitical tensions and uncertainty over the global economic outlook.
Silver has recorded a sharper increase over the longer term. From around Rs 78,600 per kg in 2023-24, silver prices have risen to more than Rs 2,40,000 per kg in August 2026, reflecting sustained demand and currency movements. (BVI)
