The continuous rise in gold prices across the country halted on Friday, July 24. Prices fell in most cities this morning. In the capital, Delhi, the price of 24-carat gold slipped to ₹1,46,320 per 10 grams. In Mumbai, the rate stands at ₹1,46,170 per 10 grams. A day earlier, the price of 99.9% pure gold in Delhi's bullion market had dropped by ₹400 to ₹1,49,200 per 10 grams.
According to Reuters, the spot gold price in the international market has declined to $4,042.77 per ounce. US gold futures for August delivery are trading at $4,045.60 per ounce. Renewed tensions between the US and Iran have pushed Brent crude oil prices above $100 per barrel, reigniting concerns about rising inflation. This has strengthened expectations that the US Federal Reserve will hike benchmark interest rates. Higher interest rates allow investors to earn better returns from other sources; consequently, rising interest rates act as a negative factor for precious metals like gold and silver.
According to the CME FedWatch tool, the US Federal Reserve is not expected to change rates during its meeting next week (July 28–29), but traders are factoring in an approximately 81% probability of a rate hike at the September meeting.
Gold rates in some major cities:
Gold price in Delhi: The price of 24-carat gold in Delhi is ₹1,46,320 per 10 grams. The rate for 22-carat gold is ₹1,34,140 per 10 grams. Mumbai and Kolkata: In Mumbai and Kolkata, the price of 22-carat gold is ₹1,33,990 per 10 grams, while the price of 24-carat gold is ₹1,46,170 per 10 grams.
Gold price in Chennai: The price of 24-carat gold is ₹1,47,290 per 10 grams. The rate for 22-carat gold is ₹1,35,010 per 10 grams.
Prices in Pune and Bengaluru: In both these cities, the price of 24-carat gold is ₹1,46,170 per 10 grams, and the price of 22-carat gold is ₹1,33,990 per 10 grams.
City Today's 22-carat gold rate (₹) Today's 24-carat gold rate (₹)
Delhi 1,34,140 1,46,320
Mumbai 1,33,990 1,46,170
Ahmedabad 1,34,040 1,46,220
Chennai 1,35,010 1,47,290
Kolkata 1,33,990 1,46,170
Hyderabad 1,33,990 1,46,170
Jaipur 1,34,140 1,46,320
Bhopal 1,34,040 1,46,220
Lucknow 1,34,140 1,46,320
Chandigarh 1,34,140 1,46,320
Silver Price
Like gold, the price of silver—another precious metal—has also seen a decline. On the morning of July 24, silver is priced at ₹2,39,900 per kilogram. According to Reuters, the price of spot silver in the international market has fallen to $57.56 per ounce. The rate for platinum stands at $1,592.97 per ounce.
Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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