Gold prices remained under pressure for the second consecutive day on July 7, while silver also continued its downward trend after remaining stable for two sessions. Softer domestic demand, a stronger US dollar, and cautious investor sentiment have weighed on precious metal prices. The latest rates show a slight decline in gold across major Indian cities, while silver prices have also eased following recent volatility.

If you are planning to buy gold or silver, here's a detailed look at today's bullion prices and the factors influencing the market.

Gold Prices Continue to Ease

The domestic bullion market witnessed another day of mild correction as gold prices slipped for the second straight session. Compared with the previous day, 24-carat gold fell by ₹10 per 10 grams in Delhi, while 22-carat gold also declined by ₹10. Over the last two trading sessions, 24-carat gold has become ₹120 cheaper, whereas 22-carat gold has dropped by ₹110.

Market experts attribute the weakness to subdued jewellery demand and the strength of the US dollar. Since gold is a non-interest-bearing asset, rising expectations of higher interest rates globally often reduce its appeal among investors.

Despite the short-term correction, analysts believe the broader trend in gold will continue to depend on global economic indicators, central bank policies, and geopolitical developments.

Latest Gold Rates in Major Indian Cities

The table below shows the latest prices of 24-carat, 22-carat, and 18-carat gold (per 10 grams) across 10 major Indian cities.

Prices are for 10 grams and may vary slightly across jewellers due to local taxes and making charges.

Silver Prices Decline Again

Silver prices also remained weak after ending a two-day period of stability. This marks the second consecutive day of losses for the white metal.

Over the past two trading sessions, silver has become ₹5,100 cheaper per kilogram. Earlier, silver had witnessed a sharp rally, gaining nearly ₹15,000 per kilogram in three trading sessions before correcting.

On July 7, silver prices in Delhi declined by ₹100 to ₹2,44,900 per kilogram. The same rate was recorded in Mumbai and Kolkata. However, Chennai continued to report the highest silver price among the four major metros at ₹2,49,900 per kilogram.

Why Are Gold and Silver Prices Falling?

Several domestic and global factors are influencing bullion prices:

Stronger US Dollar

A stronger US dollar generally makes gold more expensive for overseas buyers, reducing demand and putting pressure on prices.

Weak Jewellery Demand

Seasonal softness in physical demand from consumers has also contributed to the recent decline in gold prices across the domestic market.

Lower Industrial Demand for Silver

Silver is widely used in manufacturing, electronics, solar panels, and other industrial applications. Expectations of slower industrial demand have weighed on silver prices.

Investor Caution

Market participants are closely watching upcoming global economic data and central bank signals before taking fresh positions in precious metals.

Should Buyers Be Concerned?

Financial experts believe that the recent correction does not necessarily indicate a long-term bearish trend. Gold continues to be considered a preferred hedge against inflation, currency fluctuations, and economic uncertainty.

Short-term price movements are largely driven by international market sentiment, foreign exchange rates, and investor expectations regarding interest rates. Buyers planning long-term investments may continue to monitor market movements and purchase according to their financial goals.

Outlook for the Bullion Market

Analysts expect gold and silver prices to remain volatile in the coming sessions. International developments, movements in the US dollar, global inflation trends, and monetary policy decisions will continue to influence bullion prices.

For retail buyers, checking the latest city-wise rates before making a purchase remains essential, as prices can change daily based on domestic and international market conditions.

Bottom Line

Gold prices softened for the second straight day on July 7, while silver extended its decline after two days of stability. Lower demand, a stronger dollar, and cautious market sentiment have kept bullion prices under pressure. Investors and jewellery buyers should closely monitor daily price movements and global economic developments before making fresh buying decisions.