Gold and silver prices remained under pressure on Wednesday as both precious metals extended their losing streak on the Multi Commodity Exchange (MCX).
After witnessing a strong rally earlier this year, prices have been moving lower in recent weeks. The latest decline has once again shifted investors' focus to the bullion market. While silver has seen a sharper correction, gold has also continued to trade below its recent highs.
Why are silver prices falling?
Silver futures for September delivery opened lower on Wednesday after ending Tuesday's session at Rs 2,30,857 per kg. At the opening bell, the contract slipped to Rs 2,28,925 per kg. In just three trading sessions this week, silver has declined by Rs 8,485 per kg. Last Friday, the metal was trading at Rs 2,37,410 per kg on MCX. The recent correction comes after silver witnessed a sharp rally earlier this year. Despite the decline, traders continue to track global economic developments and demand trends that often influence silver prices.
Silver prices in key cities
| City | Silver Price (per 10g) | Silver Price (per 1kg) |
| Lucknow | Rs 2,500 | Rs 2,50,000 |
| Noida | Rs 2,500 | Rs 2,50,000 |
| Delhi | Rs 2,500 | Rs 2,50,000 |
| Mumbai | Rs 2,500 | Rs 2,50,000 |
| Ghaziabad | Rs 2,500 | Rs 2,50,000 |
| Bengaluru | Rs 2,500 | Rs 2,50,000 |
| Kolkata | Rs 2,500 | Rs 2,50,000 |
| Chennai | Rs 2,500 | Rs 2,50,000 |
| Hyderabad | Rs 2,500 | Rs 2,50,000 |
| Pune | Rs 2,500 | Rs 2,50,000 |
| Ahmedabad | Rs 2,500 | Rs 2,50,000 |
| Vadodara | Rs 2,500 | Rs 2,50,000 |
| Jaipur | Rs 2,500 | Rs 2,50,000 |
| Amritsar | Rs 2,500 | Rs 2,50,000 |
| Surat | Rs 2,500 | Rs 2,50,000 |
How much has gold become cheaper?
Gold prices have also moved lower this week. The August futures contract on MCX has fallen by Rs 2,578 per 10 grams in three trading sessions. The contract was trading at Rs 1,47,378 per 10 grams last Friday before declining to around Rs 1,44,800 on Wednesday. Gold had touched record levels earlier this year, supported by strong global demand and geopolitical uncertainty. Since then, prices have gradually corrected as market conditions changed.
Gold prices in key cities
| City | 24-Carat Gold (per 10g) | 22-Carat Gold (per 10g) |
| Lucknow | Rs 1,45,300 | Rs 1,33,210 |
| Noida (aligns with Delhi NCR) | Rs 1,44,640 | Rs 1,32,600 |
| Delhi | Rs 1,44,640 | Rs 1,32,600 |
| Mumbai | Rs 1,44,490 | Rs 1,32,450 |
| Ghaziabad | Rs 1,44,640 | Rs 1,32,600 |
| Bengaluru | Rs 1,44,490 | Rs 1,32,450 |
| Kolkata | Rs 1,44,490 | Rs 1,32,450 |
| Chennai | Rs 1,45,420 | Rs 1,33,300 |
| Hyderabad | Rs 1,44,490 | Rs 1,32,450 |
| Pune | Rs 1,44,490 | Rs 1,32,450 |
| Ahmedabad | Rs 1,44,540 | Rs 1,32,500 |
| Vadodara | Rs 1,44,540 | Rs 1,32,500 |
| Jaipur | Rs 1,45,300 | Rs 1,33,210 |
| Amritsar | Rs 1,45,300 | Rs 1,33,210 |
| Surat | Rs 1,44,540 | Rs 1,33,110 |
What are latest gold and silver rates?
According to the Indian Bullion and Jewellers Association (IBJA), the price of 24 carat gold declined from Rs 1,46,344 to Rs 1,44,083 per 10 grams over two trading sessions, a drop of Rs 2,261. During the same period, silver prices fell by Rs 6,658 per kg, bringing the rate down to Rs 2,27,200 per kg from Rs 2,33,858. These rates serve as benchmark bullion prices across the country.
What investors should do now?
IBJA rates reflect bullion prices and remain uniform across India. However, customers purchasing gold or silver jewellery pay more than these benchmark rates. The final price includes Goods and Services Tax (GST) and making charges, which vary across jewellers and products. Buyers should compare rates and understand these additional costs before making a purchase.