The Indian bullion market witnessed a divergent trend on July 9, 2026, with gold prices charting an upward trajectory while silver prices experienced a significant correction. Specifically, 24-carat gold saw an increase of Rs 1,100, bringing the price for 100 grams to Rs 14,32,400. The price for 10 grams of 24-carat gold rose by Rs 110 to reach Rs 1,43,240. Smaller units also saw modest gains, with 8 grams of gold up by Rs 88 to Rs 1,14,592, and 1 gram up by Rs 11 to Rs 14,324.
Fluctuations in 22-Carat and 18-Carat Gold
The 22-carat gold segment also registered gains. A 100-gram lot of 22-carat gold increased by Rs 1,000 to Rs 13.13 lakh, while the 10-gram price climbed by Rs 100 to Rs 1,31,300. For smaller quantities, 8 grams of 22-carat gold rose by Rs 80 to Rs 1,05,040, and 1 gram increased by Rs 10 to Rs 13,130. In the 18-carat category, 100 grams of gold surged by Rs 800 to Rs 10,74,300, while 10 grams of gold moved up by Rs 80 to Rs 1,07,430, accompanied by gains in smaller denominations.
Sharp Decline in Silver Rates
Conversely, silver prices plummeted. The cost of 1 kilogram of silver nosedived by Rs 10,000 to Rs 2.35 lakh. Smaller quantities followed the same trend, with 100 grams dropping by Rs 1,000 to Rs 23,500. Furthermore, 10 grams of silver fell by Rs 100 to Rs 2,350, while the 8-gram and 1-gram segments slipped by Rs 80 and Rs 10, to Rs 1,880 and Rs 235 respectively.
Analyst Insights and Market Context
Pinky Yadav, a Commodity Fundamental Analyst at Choice Broking, explained that gold prices on both COMEX and MCX remain constrained. This pressure arises as investors weigh the risks of rising inflation stemming from renewed Middle East tensions against the hawkish expectations for U.S. monetary policy. Minutes from the Federal Reserve's June meeting underscored growing unease regarding inflation, with markets continuing to price in at least one interest rate hike before the end of 2026.
Ponmudi R, CEO of Enrich Money, highlighted that global energy supply concerns have intensified following reports of a significant slowdown in commercial ship traffic through the Strait of Hormuz. Although crude oil prices have stabilized, they remain elevated, with Brent oil hovering in the $74-75 per barrel range. He added that the Indian rupee faces persistent pressure due to geopolitical uncertainty and these high oil prices, currently trading near the 95.5 level against the U.S. dollar. Meanwhile, the U.S. 10-year Treasury yield, hovering near a seven-week high of 4.58%, has reduced the appeal of non-yielding assets like gold. Simultaneously, Japan’s 10-year bond yield hit a 29-year peak, while the U.S. dollar remained firm near 101, keeping market sentiment cautious.
