Gold and Silver Prices Decline, Dropping Up to 1.80%

Mumbai, July 28: Gold and silver opened lower on Tuesday, with prices for both precious metals dropping by as much as 1.80%.

On the Multi Commodity Exchange (MCX), the gold contract for August 5, 2026, opened at ₹142,353 per 10 grams, compared to the previous closing of ₹143,063 per 10 grams.

By 10 AM, gold had weakened by ₹1,129, or 0.79%, trading at ₹141,934 per 10 grams. During the session, gold reached a low of ₹141,808 per 10 grams and a high of ₹142,353 per 10 grams.

Silver also experienced a decline. The silver contract for September 4, 2026, opened at ₹220,555 per kilogram, down from the previous closing of ₹221,173 per kilogram. Currently, silver is trading at ₹217,233 per kilogram, reflecting a decrease of ₹3,940, or 1.78%. In the session, silver hit a low of ₹216,592 per kilogram and a high of ₹220,555 per kilogram.

Internationally, both gold and silver are witnessing a downturn. On COMEX, gold is down 0.76%, trading at $4,045 per ounce, while silver has dropped 2.06% to $57.53 per ounce.

Experts indicate that the Federal Reserve‘s meeting in the U.S. will commence on Tuesday, with decisions expected to be announced on Wednesday. Investors are remaining cautious ahead of this announcement. Additionally, the cessation of hostilities between the U.S. and Iran has reduced global instability, contributing to the decline in both precious metals.

They further noted that inflation and employment figures from June have reinforced the likelihood that the Federal Reserve will maintain interest rates during its July meeting, despite the renewed pressure on prices due to rising oil costs.