Gold prices in India continued their downward trend for the second consecutive day on June 30, 2026, as stronger expectations of higher U.S. interest rates and a firm U.S. dollar weighed on global bullion markets. Silver prices also slipped after remaining unchanged for the previous three trading sessions, reflecting weaker industrial demand.

The decline comes as investors reassess expectations surrounding the U.S. Federal Reserve's monetary policy. Since gold does not generate interest income, it often loses appeal when interest rates are expected to rise, while a stronger dollar makes the precious metal more expensive for overseas buyers.

Gold Prices Extend Recent Decline

Following a brief pause in price movements, gold resumed its downward trend across major Indian cities.

In Delhi, 24-carat gold has declined for the second straight day. Over the last two sessions, the price of 24-carat gold has fallen by ₹2,030 per 10 grams, while 22-carat gold has dropped by ₹1,860.

The latest decline follows a sharp rally earlier in the week, when gold prices had risen significantly over two consecutive sessions before stabilizing briefly.

Latest Gold Rates Across Major Indian Cities

The following are the latest retail prices for 10 grams of gold across key cities on June 30, 2026:

Prices may vary slightly depending on local taxes, making charges, and individual jewellers.

Why Are Gold Prices Falling?

Several global developments are putting pressure on bullion prices.

Stronger U.S. Dollar

A strengthening U.S. dollar generally reduces demand for gold by making it more expensive for buyers using other currencies.

Expectations of Higher Interest Rates

Market participants continue to expect tighter monetary policy from the U.S. Federal Reserve.

Higher interest rates typically reduce the attractiveness of gold because the metal does not provide regular interest or dividend income.

Investor Sentiment

Global investors are closely monitoring upcoming U.S. economic data, which could provide further clues about future monetary policy decisions and influence precious metal prices.

Silver Prices Also Edge Lower

Silver prices also weakened after remaining unchanged for three consecutive trading sessions.

The decline is largely attributed to softer industrial demand, which continues to influence the metal's performance.

In Delhi, silver prices fell by ₹100 per kilogram, bringing the retail price to ₹2,39,900 per kg.

Silver Prices in Major Metro Cities

Current silver prices are as follows:

• Delhi: ₹2,39,900 per kg
• Mumbai: ₹2,39,900 per kg
• Kolkata: ₹2,39,900 per kg
• Chennai: ₹2,44,900 per kg

Among the major metropolitan cities, Chennai continues to report the highest silver prices.

Factors That Influence Gold and Silver Prices

Domestic bullion prices are influenced by a combination of international and local factors, including:

• Global gold and silver prices
• U.S. dollar movement
• Interest rate expectations
• Central bank policies
• International geopolitical developments
• Import duties and taxes
• Domestic demand during wedding and festival seasons

Because of these variables, precious metal prices may fluctuate on a daily basis.

Outlook for Investors

While gold has witnessed a short-term correction, analysts believe market direction will continue to depend on upcoming global economic indicators, particularly U.S. inflation and employment data, as well as future interest rate decisions by the Federal Reserve.

Investors planning to purchase gold or silver should monitor daily price movements and compare rates across jewellers before making buying decisions. Long-term investment decisions should be based on individual financial goals, risk tolerance, and professional financial advice rather than short-term market fluctuations.