Precious metals experienced renewed selling pressure on domestic futures markets as profit-booking erased early gains. Following a strong two-session high, COMEX gold tracked a weak international trend, dragging down MCX gold contracts and pulling silver prices lower by nearly Rs 1,900 per kg. Market analysts note that the current downward movement reflects a measured technical correction rather than a broader structural breakdown.
MCX Gold and Silver Performance and Market Dynamics
The October 5 gold contract on the Multi Commodity Exchange (MCX) opened positively at Rs 1,57,075 per 10 grams, gaining Rs 1,300 or 0.83 percent over its previous close. However, aggressive selling quickly triggered profit-booking, dragging the contract down to an intraday low of Rs 1,54,750 before stabilizing near Rs 1,54,999. Similarly, December 2026 gold futures dropped by Rs 615 to trade at Rs 1,56,860 per 10 grams.
In the silver market, the December 4 contract opened deep in the red at Rs 241,106 per kg, slipping further to an intraday low of Rs 2,40,420—a steep decline of Rs 1,929. Vikram Subburaj, CEO of Giottus, pointed out that domestic futures are undergoing a healthy consolidation phase near key exponential moving average (EMA) trend supports, while international COMEX gold hovered near USD 4,478.5 per troy ounce.
City-Wise Retail Gold and Silver Prices Across India
Retail bullion markets reflected the ongoing futures correction, with major metropolitan cities recording varying price points for 24-carat and 22-carat gold, alongside steady silver rates per kilogram:
Delhi: 24-carat gold is priced at Rs 1,56,810 per 10 grams, while 22-carat gold stands at Rs 1,43,750 per 10 grams. Silver in the national capital is trading at Rs 2,50,000 per kg.
Mumbai: 24-carat gold is available at Rs 1,56,660 per 10 grams, and 22-carat gold is priced at Rs 1,43,600 per 10 grams. Silver stands at Rs 2,50,000 per kg.
Kolkata: 24-carat gold is retailing at Rs 1,56,660 per 10 grams, with 22-carat gold at Rs 1,43,600 per 10 grams. Silver is priced at Rs 2,50,000 per kg.
Chennai: 24-carat gold is quoted at Rs 1,56,660 per 10 grams, and 22-carat gold is available at Rs 1,43,600 per 10 grams. Silver commands a slightly higher rate at Rs 2,55,000 per kg.