Overview
- Indian retail 24K gold traded around ₹1.46 lakh per 10 grams on Monday while MCX gold futures sat near ₹1.47 lakh per 10 grams and 22K rates were about ₹1.34 lakh per 10 grams.
- Reports that US and Iranian delegations made 'good progress' in first‑round talks in Switzerland on Monday coincided with a drop in Brent crude and weaker safe‑haven buying for gold.
- Expectations of higher US interest rates and a firmer US dollar constrained further bullion gains and helped trigger sharper volatility in silver, which fell about 2% on MCX and traded near ₹2.30–2.35 lakh per kilogram.
- Traders cited profit‑taking after earlier record highs together with city‑level retail premiums and MCX positioning as drivers of the short‑term moves while a weaker rupee and global rallies briefly revived local buying.
- Pakistan’s market saw a separate sharp rise on Monday with the All Pakistan Gems and Jewellers Association reporting gold at Rs442,636 per tola, a move that highlights how global price swings quickly affect local consumers and jewellery demand ahead of the wedding season.