NEW DELHI: The continuous surge in domestic gold prices came to a halt on Friday, July 24, as rates declined across major Indian cities in morning trade. In the national capital, Delhi, the price of 24-karat gold fell to ₹1,46,320 per 10 grams, while in Mumbai, it slipped to ₹1,46,170 per 10 grams. A day earlier in Delhi’s bullion market, 99.9% purity gold had dropped by ₹400 to settle at ₹1,49,200 per 10 grams.
In the international market, spot gold prices eased to $4,042.77 per ounce, according to Reuters. US gold futures for August delivery stood at $4,045.60 per ounce.
Renewed tensions between the United States and Iran have driven Brent crude prices past $100 per barrel-its highest level in six weeks-reigniting fears of escalating inflation. The crude rally has fueled expectations that the US Federal Reserve may hike benchmark interest rates. Higher interest rates generally act as a negative factor for precious metals like gold and silver, as investors move toward yield-bearing assets.
According to the CME FedWatch Tool, the US Federal Reserve is expected to keep rates unchanged at its upcoming meeting on July 28–29. However, traders are pricing in an 81% probability of a rate hike in the September meeting.
Silver and Other Precious Metals Slide
Mirroring the trend in gold, silver also registered a decline. On the morning of July 24, domestic silver prices stood at ₹2,39,900 per kilogram. In global markets, spot silver fell to $57.56 per ounce, while platinum traded at $1,592.97 per ounce.
On Thursday, international gold prices had dropped by 1% or $38.92 to $4,091.17 per ounce, while silver slipped nearly 2% to $58.65 per ounce.
Gold Rates in Key Indian Cities
| City | 22-Karat Gold (₹/10g) | 24-Karat Gold (₹/10g) |
| Delhi | 1,34,140 | 1,46,320 |
| Mumbai | 1,33,990 | 1,46,170 |
| Kolkata | 1,33,990 | 1,46,170 |
| Chennai | 1,35,010 | 1,47,290 |
| Ahmedabad | 1,34,040 | 1,46,220 |
| 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 |
| Pune | 1,33,990 | 1,46,170 |
| Bengaluru | 1,33,990 | 1,46,170 |
Market Outlook and Expert Views
Traders noted that profit-taking in bullion is being driven by the spike in crude oil prices, which carries the risk of pushing inflation higher and prompting central banks globally to tighten monetary policy.
“The pressure on bullion stems from ongoing conflict in the Middle East, which is driving up crude prices. This has raised expectations of a tighter monetary policy stance by the US Federal Reserve,” said Saumil Gandhi, Senior Commodities Analyst at HDFC Securities.
Analysts indicate that if crude prices remain elevated or rise further, gold will stay under pressure. Gold hit a record peak in January this year before experiencing a sharp pullback, falling roughly 30% from its high. Prices across gold and silver have remained under pressure following the onset of US-Iran hostilities on February 28.
