India's gold and silver prices drop sharply on June 30

Gold and silver prices in India fell sharply on Tuesday, June 30, 2026, offering relief to consumers and investors after a period of market volatility. The price of 24-carat gold dropped by 180 rupees per gram to 14,013 rupees, while 22-carat gold fell by 165 rupees to 12,845 rupees per gram. Silver saw a significant decline of 5,000 rupees per kilogram, bringing its price to 2,35,000 rupees per kg in major cities like Mumbai, Delhi, Kolkata, and Bangalore.

The correction extended across all major Indian cities, with prices for 24-carat gold ranging from 14,013 rupees per gram in most metros to 14,508 rupees in Chennai. The drop makes precious metals noticeably cheaper compared to recent levels, potentially creating a favorable window for purchases ahead of upcoming weddings and festivals. Market analysts attribute the decline to a combination of global factors, including a stronger U.S. dollar and shifting expectations regarding U.S. Federal Reserve interest rate policy, which reduces the appeal of non-yielding assets like gold.

Domestic prices are influenced by international bullion trends, the rupee-dollar exchange rate, and government import duties. Earlier concerns over...