Noida, July 8 (APAC Media): Gold and silver prices in India’s retail bullion market declined on Wednesday, tracking weak global cues amid escalating tensions between the US and Iran.
Both 24-karat and 22-karat yellow metal rates witnessed a marginal fall across major cities, while silver prices also eased in domestic markets.
The fall in rates has provided some relief to consumers and jewellery buyers, while traders continued to monitor international developments influencing bullion prices.
The price of precious metal across major purity categories, including 24-carat, 22-carat and 18-carat, witnessed a downward movement during early trading. The 24-carat variety, which represents the highest level of purity, recorded a decline, while 22-carat gold, commonly used in jewellery manufacturing, also followed the same trend.
Renewed US-Iran tensions weighed on global markets after the US launched a fresh round of strikes against Iran on Tuesday and revoked a licence that had allowed the country to continue oil exports, raising concerns over the stability of the fragile ceasefire.
Gold & Silver Price Chart (8 July 2026)
| City | 24K Gold (₹/10g) | 22K Gold (₹/10g) | 999 Silver (₹/kg) |
|---|---|---|---|
| Delhi | ₹144,050 | ₹132,129 | ₹229,290 |
| Mumbai | ₹144,800 | ₹132,817 | ₹229,180 |
| Kolkata | ₹144,760 | ₹132,780 | ₹229,670 |
| Bengaluru | ₹144,070 | ₹132,064 | ₹229,140 |
| Hyderabad | ₹144,100 | ₹132,092 | ₹229,360 |
| Chennai | ₹144,290 | ₹132,266 | ₹229,660 |
The escalation in geopolitical risks pushed crude oil prices higher, with Brent crude futures gaining more than 2.6% to trade at $76.08 a barrel.
Gold prices also recovered ground amid heightened uncertainty. Spot gold was up 0.43% at $4,123.42 an ounce at around 10:24 am, while US gold futures for August delivery fell 0.44% to $4,139.90 an ounce.
Traders have raised their bets on a US Federal Reserve rate hike in September, with the probability climbing above 67% from about 57% a day earlier, according to the CME FedWatch tool.
A rise in interest rates typically weighs on non-yielding assets such as gold by increasing the opportunity cost of holding them.
Investors are also awaiting the release of the minutes from the Federal Open Market Committee’s June policy meeting for further clues on the Fed’s interest rate outlook.
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The domestic gold market also remained influenced by international bullion trends, currency movements and local demand conditions. Retail prices may vary across cities due to differences in taxes, transportation costs and jewellery-making charges.
Gold continues to hold significant importance in the Indian market, where demand is driven by investment interest, weddings, festivals and household savings.
Consumers planning purchases are keeping a close watch on price movements as any further decline could influence buying decisions.
Experts said market participants should remain cautious as gold prices can change quickly in response to global economic indicators and geopolitical developments. Investors are expected to track upcoming economic data and central bank policies for further direction in bullion markets.
Jewellers and investors are likely to closely monitor price movements in the coming sessions to assess whether the current downward trend continues or if gold finds support at lower levels.
— Ends —
Disclaimer:
Gold and Silver prices are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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