Gold prices continued to weaken across India on July 9, with both 22-carat and 24-carat gold becoming cheaper in most major cities. The decline follows weakness in global bullion markets, where investors have shifted toward the U.S. dollar and government bonds amid rising geopolitical tensions and renewed concerns over inflation.

Market analysts say that developments in the Middle East, along with higher crude oil prices, have influenced global investor sentiment, putting pressure on precious metals despite their traditional safe-haven status.

Gold Prices Continue to Ease Across Domestic Markets

Retail gold prices remained under pressure in several Indian cities on Wednesday morning.

In Delhi, the price of 24-carat gold slipped to ₹1,43,270 per 10 grams, while 22-carat gold was priced at ₹1,31,340 per 10 grams.

Mumbai and Kolkata also recorded lower prices, reflecting the broader weakness seen in international bullion markets.

Why Are Gold Prices Falling?

According to market observers, several global factors are influencing the recent decline in gold prices.

A rise in crude oil prices has revived inflation concerns, prompting investors to expect tighter financial conditions. As a result, U.S. Treasury bond yields and the U.S. dollar have strengthened, making gold relatively less attractive for investors.

In addition, geopolitical developments in the Middle East have added volatility to financial markets.

Reports of renewed military action involving the United States and Iran, along with concerns over disruptions near the strategic Strait of Hormuz, have contributed to uncertainty in global commodity and financial markets.

While geopolitical tensions often support safe-haven assets such as gold, stronger bond yields and a firmer dollar have outweighed that effect in recent trading sessions.

Gold Prices in Major Indian Cities

The latest retail prices for 22-carat and 24-carat gold are as follows:

Silver Prices Also Move Lower

Silver prices also remained under pressure alongside gold.

On July 9, silver was trading at approximately ₹2,44,900 per kilogram in the domestic market. In international trading, spot silver was quoted at around $58.61 per ounce.

Like gold, silver prices are influenced by both domestic demand and global market movements, including currency fluctuations, industrial demand, inflation expectations, and geopolitical developments.

Global Factors Continue to Influence Precious Metals

The movement in gold and silver prices is driven by a combination of international and domestic factors. Currency exchange rates, central bank policies, inflation expectations, crude oil prices, geopolitical tensions, and investor demand all play an important role in determining bullion prices.

With global markets remaining volatile, precious metal prices may continue to witness fluctuations in the coming days. Investors planning to purchase gold or silver are advised to monitor daily price movements and consult trusted jewellers or financial advisors before making significant buying decisions.