Gold and silver prices are seeing notable movement today, driven largely by the ongoing US-Iran tension that has injected uncertainty into global markets. Here’s a breakdown of today’s rates and what’s behind them.

Today’s Rates (City-wise)

Delhi: G stands for GOLD

• 24K G: ₹14,716 per gram
• 22K G: ₹13,491 per gram
• 18K G: ₹11,041 per gram

Mumbai:

• 24K G: ₹14,701 per gram
• 22K G: ₹13,476 per gram

Chennai:

• 24K G: ₹14,957 per gram
• 22K G: ₹13,701 per gram (most expensive among major cities)

Kolkata:

• 24K G: ₹14,394 per gram (cheapest among major cities)
• 22K G: ₹13,701 per gram

Silver (largely uniform nationwide):

• ₹250 per gram
• ₹2,50,000 – ₹2,50,100 per kilogram

What Changed Today

On the Multi Commodity Exchange (MCX), gold dipped slightly in the morning session down about ₹633 (0.44%) to trade around ₹1,43,797 per 10 grams. The pullback was largely attributed to profit-booking, as investors who had bought in earlier began cashing out gains.

Silver, on the other hand, kept its momentum going extending gains for a third straight session. Silver futures jumped as much as 0.84% to touch an intraday high of ₹2,32,339 per kilogram.

In the retail market, prices at major jewellers (Joyalukkas, Malabar Diamonds) stayed largely stable, with 22-karat gold holding around ₹13,475 per gram.

Why Prices Are Moving The Real Drivers

1. US-Iran tensions: Ongoing geopolitical uncertainty is pushing investors toward “safe haven” assets like G & SILVER The more uncertainty, the higher the demand for precious metals.
2. Dollar-Rupee exchange rate: A weaker rupee against the dollar makes gold and silver costlier in India even if international prices hold steady.
3. Import duty and GST: ‘G’ in India carries a 15% import duty plus 3% GST, both of which feed directly into the retail price.
4. Silver’s industrial demand: Unlike ‘G’, silver isn’t just a jewellery or investment metal it’s heavily used in electronics and manufacturing. This industrial demand is a key reason silver has been outperforming gold lately.

1. US interest rate expectations: When markets anticipate the US Federal Reserve cutting rates, non-yielding assets like gold and silver tend to become more attractive.

Gold vs Silver: Which Is Performing Better Right Now?

If you’re comparing the two metals side by side, silver currently has the edge in momentum. While gold saw a mild pullback today on profit-booking, silver has posted gains for three consecutive sessions, crossing the psychologically significant ₹2.5 lakh per kilogram mark. This divergence is worth noting because gold and silver don’t always move in lockstep — gold tends to be driven more by pure safe-haven demand, while silver responds to both investment demand and industrial usage (electronics, solar panels, manufacturing). When industrial activity is strong alongside safe-haven buying, silver can outperform gold, which appears to be part of what’s happening currently.

A Quick Look at City-wise Price Gaps

Gold prices aren’t identical across Indian cities, even on the same day. Chennai consistently runs higher than Delhi, Mumbai, and Kolkata, largely due to local taxation, transport costs, and regional demand. Kolkata tends to post some of the lowest rates among major metros — a gap worth noting on larger purchases like wedding jewellery.

What to Watch Going Forward

Keep an eye on three things in the coming days — global economic data releases, US interest rate decisions, and currency movement. Until the US-Iran situation stabilizes, expect continued volatility in precious metal prices.

Disclaimer: Rates mentioned here are based on market data as of July 4, 2026, and may vary by city, jeweller, and purity. This article is for general information only and is not financial or investment advice. Please consult a qualified financial advisor before making any buying, selling, or investment decisions in gold or silver.

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