Gold futures declined today on global cues and weak demand, while spot prices in major Indian cities settled at specific levels. Geopolitical tensions and deepening discounts in India shaped the market, even as gold ETFs saw strong inflows in June.
| Purity | Per Gram | Per 10g | Change |
|---|---|---|---|
| 24K Gold | ₹14,482INR | ₹1,44,820 | ↑ ₹38 |
| 22K Gold | ₹13,275 | ₹1,32,750 | ↑ ₹35 |
| 18K Gold | ₹10,862 | ₹1,08,620 | — |
Source: GoldMeter.in • Historical data for reference only
The Indian gold market on July 10, 2026, presented a nuanced picture for investors and jewelry shoppers, marked by declining futures prices but varying spot rates across major cities. Globally, gold extended its weekly losses on the Comex, primarily influenced by renewed Middle East tensions. This international pressure, coupled with weak domestic demand, saw gold and silver futures decline on the Multi Commodity Exchange (MCX).
Specifically, gold futures dropped to ₹1,44,670 per 10 grams amid a discernible lack of demand. Despite this downturn in futures and global markets, spot prices for 24K gold in key Indian cities settled at specific, relatively elevated figures. For instance, 24K gold in Kolkata, Bangalore, and Mumbai was recorded at ₹14,482 per gram, while Delhi saw prices rise to ₹14,495 per gram. Chennai registered the highest among these, with 24K gold at ₹14,564 per gram. These figures come even as gold has generally become ₹2,183 per 10 grams costlier over the month of July, indicating a broader upward trend that daily fluctuations are set against. Silver, on the other hand, became ₹1,780 per kilogram cheaper today, accumulating a fall of ₹3,416 this month.
The primary drivers for today's market movements were global cues and local demand dynamics. Escalation of hostilities in West Asia contributed to the slump in international gold prices, creating a cautious environment. Domestically, weak demand led to deepening gold discounts across India, further signaling consumer hesitancy amidst price volatility. Interestingly, India stood out in the global gold investment landscape, defying a worldwide gold ETF sell-off with substantial inflows of $388 million in June, as reported by the World Gold Council. This highlights a persistent appetite among Indian investors for gold as an asset class, even when physical demand is subdued.
Looking ahead, the gold market is expected to remain sensitive to geopolitical developments, particularly the evolving situation in the Middle East. For jewelry shoppers, the deepening discounts could present opportunities, making it crucial to compare 22K and 24K rates in their respective