Gold prices in Mumbai remained largely stable on Sunday, mirroring trends across major Indian cities, while silver continued to reflect recent volatility after a sharp correction in futures markets. Ongoing geopolitical tensions in West Asia have kept bullion markets on edge, influencing both global and domestic price movements. On the Multi Commodity Exchange of India, gold ended Friday’s session unchanged at ₹1,49,650 per 10 grams, still nearly 17% lower than its all-time high of ₹1,80,779. Despite the flat close, traders indicated the metal could still register a weekly gain of about 2.2%, supported by recent US employment data.
In contrast, silver witnessed a steep decline in the previous trading session, adding pressure to bullion markets, including Mumbai. Prices dropped sharply by ₹10,901, or 4.5%, to settle at ₹2,32,600 per kg on the MCX on Friday. The fall was largely attributed to global uncertainty triggered by the US-Iran conflict, which has weighed on commodity markets. However, by Sunday, both gold and silver prices showed stability with no significant changes reported, indicating a pause in the recent volatility as investors remained cautious amid fluctuating global cues.
Focusing on Mumbai, gold prices were recorded at ₹1,49,480 per 10 grams for 24 karat, ₹1,37,023 for 22 karat, and ₹1,12,110 for 18 karat. These rates were broadly in line with other metro cities such as Delhi, Jaipur, and Kolkata, where only minor variations were observed. Southern cities like Chennai reported slightly higher prices, while Bengaluru and Hyderabad remained close to the national average. Other Maharashtra cities such as Pune and Nashik recorded similar levels, indicating a uniform pricing pattern across regions.
Silver prices in Mumbai also held steady on Sunday after Friday’s decline, with rates at ₹2,329 per 10 grams and ₹2,32,920 per kg. Comparable trends were seen in cities like Delhi and Jaipur, while Chennai continued to record marginally higher prices. Across key markets, per kilogram rates largely ranged between ₹2,32,520 and ₹2,33,600. Analysts linked the recent fluctuations in both gold and silver to the continuing geopolitical tensions involving the United States and Iran, which have disrupted oil supply chains and contributed to volatility in global financial markets.