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Gold and silver prices in India retreated for a third consecutive session on Thursday. This follows a global trend where a firmer U.S. dollar and elevated bond yields have dampened the appeal of non-yielding bullion.

In the Mumbai market, the price of 24-carat gold settled at ₹1,53,550 per 10 grams, down from the previous close. Silver followed suit, with prices falling nearly 2% in some centers as industrial demand signals remained mixed despite the ongoing geopolitical tension in West Asia.

City-Wise Retail Rates 

Retail gold prices varied across major Indian hubs due to local taxes and bullion association rates. In the national capital, Delhi, 24-carat gold was retailing at ₹1,53,700 per 10 grams, while the 22-carat variant stood at ₹1,40,900. Further south in Chennai, prices remained slightly higher than the national average, with 24-carat gold quoted at ₹1,54,210 and silver priced at ₹2,45,100 per kilogram.

In Bengaluru, 24-carat gold was seen at ₹1,53,600, while in Kolkata, the rates mirrored the Mumbai market at ₹1,53,550. Silver prices across these major metros stayed largely in the range of ₹2,44,280 to ₹2,45,100, thus showing a cooldown in speculative buying.

Market Drivers and Brokerage Views 

The primary pressure on the "yellow metal" stems from the U.S. Federal Reserve's cautious stance. With war-driven energy shocks keeping global inflation high, a recent Reuters poll indicates that the Fed is unlikely to cut interest rates for at least another six months. This has pushed the 10-year U.S. Treasury yield toward 4.32%, making gold more expensive for international buyers.

Morgan Stanley analysts recently updated their bullion outlook, trimming their 2026 gold price target to $5,200. The bank noted that while geopolitical "tail risks" are real, the lack of a fresh, immediate military escalation in the Gulf over the last 48 hours has allowed some of the risk premium to exit the market.

Conversely, J.P. Morgan maintains that central bank buying, particularly from emerging markets, will continue to provide a "hard floor" for prices. For silver, analysts at Goldman Sachs point to a persistent industrial supply deficit, even if the metal remains susceptible to short-term speculative selling in tandem with the broader commodity complex.

On the Multi Commodity Exchange (MCX), gold for June delivery was trading at ₹1,53,639, while silver futures showed a steeper intraday loss of 1.7%, reflecting the cautious sentiment among domestic traders.