Shoppers preparing for the festive season have received welcome news from the bullion market as prices of precious metals witnessed a notable pullback. The US central bank raised its benchmark interest rates by 25 basis points or 0.25%, strengthening the American dollar and exerting downward pressure on both gold and silver across global and domestic commodity platforms.
Sharp Correction on MCX and Global Exchanges
Trading on the Multi Commodity Exchange, or MCX, reflected immediate softness during early morning deals at 9 AM, where gold prices dropped by 1 percent or ₹1,545 to trade at ₹1,50,925 per 10 grams. Silver experienced an even steeper slump, falling by ₹2,386 to reach ₹2,32,400 per kilogram.
International sentiment on COMEX remained equally muted following the rate announcement. Spot gold slipped 1.24% on the international exchange to touch 4,332 dollars per ounce, while silver shed 1.19% to trade at 64.145 dollars per ounce. The strengthening greenback triggered immediate profit booking among global commodity traders across overseas counters.
Retail Gold Rates Across Major Indian Hubs
The price correction on global bourses was mirrored across regional jewellery hubs nationwide. In Delhi, Jaipur, Lucknow, and Chandigarh, 24-carat gold hovered around ₹1,53,600 per 10 grams, while the rate for 22-carat jewelry gold was quoted at ₹1,40,810 per 10 grams.
Across other key commercial centres including Mumbai, Kolkata, Chennai, Pune, and Bengaluru, 24-carat gold traded near ₹1,53,450 per 10 grams, with 22-carat gold priced at ₹1,40,660 per 10 grams. In Ahmedabad and Bhopal, retail counters priced 24-carat gold at ₹1,53,500 per 10 grams and 22-carat metal at ₹1,40,710 per 10 grams.
Silver Retail Prices in Metropolitan Centres
Industrial and decorative silver displayed uniform pricing across prominent metropolitan markets. In Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai, retail silver stood at ₹23,168 for 100 grams, while the per-kilogram rate was recorded at ₹2,31,680. Market analysts note that signals pointing toward continued restrictive monetary policy in the United States could sustain volatility across the bullion sector in the near term.
