Gold prices extended losses on Tuesday, reflecting a cautious global trend. On the Multi Commodity Exchange (MCX), gold futures for June delivery slipped marginally by 0.03 per cent to ₹1,53,900 per 10 grams in early trade. Silver futures for May delivery also declined by 0.62 per cent, trading at ₹2,50,971 per kilogram.

This movement marks a continuation of the softening trend seen in recent sessions, keeping bullion under pressure.

Metro Price Snapshot

In the physical market, gold rates across major Indian cities remained largely stable with minor variations. According to market data, Delhi recorded 24-carat gold at ₹15,544 per gram, while 22-carat stood at ₹14,250 and 18-carat at ₹11,662 per gram.

Mumbai, Kolkata, and Bengaluru reported similar trends, with 24-carat gold priced at ₹15,529 per gram. Prices for 22-carat and 18-carat gold stood at ₹14,235 and ₹11,647 respectively.

Chennai Remains Costlier

Southern markets showed a slightly higher trend. Chennai reported the highest rates among metros, with 24-carat gold at ₹15,600 per gram.

The 22-carat and 18-carat variants were priced at ₹14,300 and ₹11,855 per gram respectively. Market observers attribute this difference to local demand patterns and logistical costs.

Silver Tracks Weakness

Silver prices mirrored gold’s downward trend in both futures and spot markets. The decline of over 0.6 per cent in MCX futures indicates subdued industrial and investment demand in the short term.

Analysts note that silver remains more volatile due to its dual role as both an industrial and precious metal.

Global Pressure Builds

Internationally, gold prices remained under pressure, hovering below $4,800 per ounce. According to global market trackers, investor sentiment stayed cautious due to geopolitical developments and macroeconomic concerns.

The ongoing tension involving the United States and Iran, along with uncertainty around diplomatic negotiations, has created volatility in global markets.

Inflation, Rates Impact

Rising concerns over inflation and potential interest rate hikes by central banks have weighed on bullion prices. Higher interest rates tend to reduce the appeal of non-yielding assets like gold.

Reports suggest that gold has already fallen more than 8 per cent since the beginning of the Iran-related conflict, reflecting a shift in investor positioning.

Outlook Remains Cautious

Market experts indicate that bullion prices may remain range-bound in the near term. Investors are closely watching geopolitical developments and central bank signals for further direction.

Going ahead, analysts expect volatility to persist, keeping gold prices under pressure unless there is a clear shift in global economic or political conditions.