Gold and silver prices moved lower around Raksha Bandhan, bringing down both retail market rates and futures prices. The decline followed a period of stability in gold and affected 24-carat as well as 22-carat varieties.
Retail market movement
The price of 10-gram 24-carat gold fell by ₹780 over 2 consecutive sessions. The 22-carat rate declined by ₹710 during the same period.
Silver also softened in the retail market. Delhi recorded a reduction of ₹100 per kilogram, with the metal selling at ₹2,59,900. Mumbai and Kolkata reported silver at the same rate.
MCX prices
On the Multi Commodity Exchange, silver futures fell by ₹1500 in morning trading to ₹2,39,050. Gold futures declined by ₹1100 and reached ₹157842 per 10 grams.
Factors behind the decline
The movement was linked to international market conditions. The US dollar strengthened, while bond yields also rose. These developments were cited as putting pressure on gold and silver prices.
Global prices were another factor affecting rates in India. As a result, both precious metals recorded declines during the festive period, although the reported changes differed between retail prices and MCX futures.
