India gold and silver prices drop as dollar strength and oil surge pressure markets

Gold and silver prices in India fell on July 8‑9 2026, extending a three‑day decline. 24‑carat gold traded around ₹14,300 per gram (≈₹1.44 lakh per 10 g), down roughly ₹350 per gram from early July, while 22‑carat and 18‑carat grades fell similarly. Silver slipped about 0.3‑0.5%, trading near ₹2.45 lakh per kilogram.

The downturn was observed in major cities – Delhi, Mumbai, Chennai, Kolkata, Bengaluru, and others – with minor regional variations. Analysts linked the weakness to a stronger US dollar, expectations of tighter US monetary policy after rising oil prices, and persistent geopolitical tension in West Asia, which reduced safe‑haven demand for bullion. Futures on the MCX also posted declines, with gold futures down ₹341 per 10 g and silver futures down ₹1,100 per kilogram.

Dubai’s gold market remained largely unchanged, with 24‑carat gold at about INR 1.29 lakh per 10 g, reflecting the same global pressures. The combined price softness is expected to benefit prospective jewellery buyers while keeping investors attentive to further macro‑economic developments.