The correction in gold rate today is expected to provide major relief to jewellery buyers and investors in India who had been holding back on purchases due to high prices.

In January 2026, gold prices hit $5595 - a life-time high - they are now trading at below $4,000. The prices are down 7.6% year-to-date. On the MCX, the decline has been lesser - at around 22% - largely due to a hike in import duties.

Gold is heading for a fourth monthly fall even as US inflation hits a three-year high. Here is why higher rates, not inflation, now drive the gold price. View on euronews

Gold and silver prices on June 29: Gold was priced at Rs1,43,558.41 in Mumbai, ₹1,43,415.00 in Bengaluru and ₹1,43,401.00 in Delhi.

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As gold prices retreat from record highs, Indian households are selling old jewellery to lock in gains. The trend is lifting organised recycling volumes and may help reduce reliance on imports.