Gold Prices Jump At MCX, But Still Down By Rs 3,684 From RECORD; Check Gold Rates In Chennai & Hyderabad

Gold prices in India surged at MCX, with 10 grams of gold for the June 2025 expiry crossing the Rs 95,600 mark. Despite this, MCX gold price is still away by Rs 3,684 from its record high levels that was recorded in April 2025. In Indian retail stores, gold prices are unchanged in major metro cities like Chennai and Hyderabad after about Rs 6,000 fall in 100 grams of 24 carats.

That being said, yellow metal halted its second consecutive day losing streak. The appetite for safe-haven assets is volatile due to sentiments shifting towards riskier assets.

"Gold prices are currently trending lower as investor sentiment shifts towards riskier assets. However, several underlying factors could support a potential rebound from current levels. These include persistent concerns about the U.S. economic outlook and the ongoing deadlock in the Russia-Ukraine conflict," said, Aksha Kamboj, Vice President, of India Bullion and Jewellers Association and Executive Chairperson, of Aspect Global Ventures.

Gold Rates In India:

24-carat gold price is at Rs 97,480 per 10 grams on Wednesday, unchanged from its previous day. Gold prices in 22 carats and 18 carats stood at Rs 89,350 and Rs 73,110 per 10 grams respectively.

This performance comes after the price of 100 grams of 24 carat gold dropped by Rs 1600 on May 27th and by Rs 4,400 on May 26th. The gold rate in 22 carat declined by Rs 1500 on May 27 and by Rs 4000 on May 26.

Accordingly, the prices of 24 carat and 22 carat gold in 100 grams have crashed by Rs 6,000 and Rs 5,500 during these two days, respectively.

MCX Gold, Silver Prices:

At the time of writing, MCX gold price, with June 2025 expiry, traded at Rs 95,531 per 10 grams, up by Rs 388 or 0.41%. The bullion was near its intraday high of Rs 95,674 per 10 grams, which is Rs 3,684 away from its all-time high price level of Rs 99,358.

The new MCX gold price for August 2025 expiry, also climbed by Rs 284 or 0.30% to trade at Rs 96,235 per 10 grams. This price was also near its intraday high of Rs 96,475 per 10 grams.

Meanwhile, MCX silver price, with July 2025 expiry, surged by Rs 395 or 0.41% to trade at Rs 97,870 per 1 kg, which was near its intraday high of Rs 98,168 per 1kg.

What Is Impacting Gold Prices In India?

Market participants are closely watching the release of the minutes from the latest U.S. Federal Reserve policy meeting, which may offer clarity on the central bank's future interest rate strategy. Another critical indicator this week is the U.S. PCE inflation data due Friday, which is expected to influence the Fed's rate outlook. Together, these developments and lingering geopolitical and economic uncertainties will play a crucial role in shaping gold price movements in the near term, as per Kamboj.

Additionally, the current gold rates in India have defied the sharp selloff in international prices.

Spot Gold Price:

Comex gold dropped to below $3,330 levels to trade around $3,290 per ounce on Wednesday, recording its third consecutive day losing streak, owing to stronger US dollar and improving risk sentiment weighed on the precious metal.

The dollar rose after data showed US consumer confidence rebounded sharply in May from near a five-year low, suggesting a more optimistic outlook for the economy and the labor market. Additionally, President Donald Trump's recent decision to delay tariffs on EU imports -allowing more time for negotiations- eased concerns over escalating trade tensions. Meanwhile, Minneapolis Fed president Neel Kashkari on Tuesday called for keeping interest rates steady until there is more clarity on how higher tariffs affect inflation. Investors now await the release of the Federal Reserve's latest meeting minutes later today, as well as the PCE inflation data on Friday, for new insights into the central bank's rate trajectory, according to Trading Economics.

Gold Rates In Chennai & Gold Rates In Hyderabad:

These cities are among the forefront of huge demand for gold in India.

10 grams gold price in Chennai is at Rs 97,480 in 24 carat, at Rs 89,350 in 22 carat, and at Rs 73,600 in 18 carat. While 24 carat and 22 carat gold prices in Hyderabad is similar, however, the price of 18 carat gold in 10 grams is cheaper to Rs 73,110 than compared to Chennai.

Silver Prices In Chennai & Silver Prices In Hyderabad:

In both Chennai and Hyderabad, 1 kg silver price is at Rs 1,11,000 each, which is highest among other cities. 100 grams and 10 grams silver prices stood at Rs 11,100 and Rs 1,110 respectivey. Cheapest silver is priced at Rs 111.

Notably, silver prices fell by Rs 0.10 to Rs 100 in Chennai, but are unchanged in Hyderabad.