The price of the yellow metal in India’s retail market continued to fluctuate within a narrow range on Thursday, 25 June, with both 24-karat and 22-karat gold rates showing marginal declines across major cities. Silver prices also showed limited movement in the domestic bullion market.

Indian bullion markets experienced a quiet, range-bound trading session on Friday, as physical retail demand moved in a tight corridor and a local holiday thinned wholesale trading volumes.

Domestically, retail gold prices across major metropolitan hubs saw marginal declines following a volatile week. Spot prices for 24-karat gold hovered near Rs 1,41,320 per 10 grams in major consumption centers including Mumbai and Kolkata, while Delhi markets held a slight premium. Meanwhile, retail silver tracked muted international cues, stabilizing after sharp bouts of selling earlier in the month driven by a firmer U.S. dollar and hawkish global monetary policy signals.

Wholesale trading on the Multi Commodity Exchange (MCX) was partially restricted due to the Moharram holiday. The exchange suspended its morning session, with operations scheduled to resume exclusively for the evening session on Friday.

In the preceding session on Thursday, June 25, benchmark gold contracts for August delivery managed a technical bounce, settling 0.16% higher at Rs 143,550 per 10 grams as safe-haven interest selectively returned amid lingering geopolitical deliberations. MCX silver futures mirrored the modest upward correction, settling 0.11% higher at Rs 222,070 per kilogram.

The broad consolidation in domestic bullion comes as precious metals face structural headwinds from international markets. Investors have spent much of June scaling back aggressive bets on rapid monetary easing. A hawkish stance by the U.S. Federal Reserve, paired with the U.S. Dollar Index holding near one-year highs, has reduced the appetite for dollar-denominated assets globally.

Additionally, a sharp de-escalation in energy markets—spurred by progress in U.S.-Iran negotiations and a smoother flow of maritime transport through the Strait of Hormuz—has stripped gold of some of its near-term inflationary hedging appeal. Analysts note that while local wedding-season demand is keeping a floor under spot physical prices, the broader bias for precious metals remains vulnerable to further central bank tightening later this year.