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Gold and silver prices declined on Tuesday as global market sentiment shifted following developments in the Middle East and changing expectations around interest rates. Precious metals remained under pressure for a second consecutive trading session, with both domestic futures and retail bullion prices registering noticeable declines.

Market analysts attribute the weakness to a combination of easing crude oil prices, geopolitical developments surrounding the Strait of Hormuz, and expectations that major central banks could keep interest rates elevated for longer if inflation remains persistent.

Why Are Gold and Silver Prices Falling?

Several factors have contributed to the decline in precious metal prices:

• Weakness in international crude oil prices.
• Ongoing geopolitical developments in the Middle East, particularly around the Strait of Hormuz.
• Concerns that persistent inflation may delay interest rate cuts by central banks.
• Improved investor risk appetite, reducing demand for traditional safe-haven assets such as gold and silver.

These factors collectively weighed on bullion prices in both international and domestic markets.

MCX Gold and Silver Futures

During early trading on the Multi Commodity Exchange (MCX):

• Gold Futures (August 2026 contract) fell by around ₹2,000, trading at approximately ₹1,41,557 per 10 grams.
• Silver Futures (September 2026 contract) declined by nearly ₹5,400, or about 2.5%, to ₹2,17,277 per kilogram.

The decline marked the second straight trading session of losses for both precious metals.

Retail Gold Prices

Retail bullion prices also moved lower across the country.

• 24K Gold: ₹1,42,910 per 10 grams (down ₹1,420)
• 22K Gold: ₹1,31,000 per 10 grams (down ₹1,300)
• 18K Gold: ₹1,07,180 per 10 grams (down ₹1,070)

Gold Prices in Major Cities City 24K Gold 22K Gold 18K Gold

Delhi	₹1,43,060	₹1,31,150	₹1,07,330
Mumbai	₹1,42,910	₹1,31,000	₹1,07,180
Chennai	₹1,44,000	₹1,32,000	₹1,10,200
Kolkata	₹1,42,910	₹1,31,000	₹1,07,180
Bengaluru	₹1,42,910	₹1,31,000	₹1,07,180
Hyderabad	₹1,42,910	₹1,31,000	₹1,07,180
Jaipur	₹1,43,060	₹1,31,150	₹1,07,330
Ahmedabad	₹1,42,960	₹1,31,050	₹1,07,230
Lucknow	₹1,43,060	₹1,31,150	₹1,07,330

Prices in most other cities remained broadly in line with these levels, with only minor regional variations.

Silver Prices Across India

Silver prices also softened across major bullion markets.

City Silver Price (Per Kg)

Delhi	₹2,35,000
Mumbai	₹2,35,000
Jaipur	₹2,35,000
Ahmedabad	₹2,35,000
Pune	₹2,35,000
Hyderabad	₹2,40,000
Chennai	₹2,40,000
Kerala	₹2,40,000
Vijayawada	₹2,40,000

Northern and western markets generally quoted silver near ₹2.35 lakh per kilogram, while several southern cities reported prices around ₹2.40 lakh per kilogram.

What Could Influence Gold and Silver Prices Next?

Investors are expected to closely monitor several key developments that may influence bullion prices in the coming days:

• International crude oil price movements.
• Geopolitical tensions in the Middle East.
• Inflation data from major global economies.
• Interest rate decisions by central banks, particularly the U.S. Federal Reserve.
• The Indian rupee's exchange rate against the U.S. dollar.

These factors are likely to play an important role in determining the near-term direction of gold and silver prices in both domestic and international markets.