Gold Prices in India, July 26: Latest Yellow Metal Prices After Record Fall – Is It Time to Buy?
Gold prices in India remained steady today after experiencing a significant drop throughout July. This decline followed Finance Minister Nirmala Sitharaman’s announcement of a customs duty cut on gold and silver to 6%. From July 22 to July 25, 2024, the price of 10 grams of 22k gold plummeted by a substantial Rs 3,800. This dramatic fall has created an appealing buying opportunity for those who had previously stayed away from purchasing the precious metal due to high prices.
Understanding the Current Gold Prices
Prices of 22K Gold
As of today, the price of 22k gold in India stands at:
- 10 grams: Rs 64,000
- 100 grams: Rs 6,40,000
This stability comes after a month of volatility, where prices dropped significantly, providing a chance for potential buyers to invest in gold at a lower rate.
Prices of 24K Gold
The prices for 24k gold also remained unchanged:
- 10 grams: Rs 69,820
- 100 grams: Rs 6,98,200
Prices of 18K Gold
Similarly, 18k gold prices held steady:
- 10 grams: Rs 52,370
- 100 grams: Rs 5,23,700
1 Gram Gold Price Movement
On July 1, 2024, the price of 1 gram of gold was Rs 6,625. As of today, July 26, 2024, the price has dropped to Rs 6,400, indicating a 3.4% decline in just 26 days.
Insights from Market Experts
Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, commented on the situation, saying, “We have seen sharp declines in gold and silver prices in Asian markets due to increased economic concerns in China. However, potential Federal Reserve rate cuts in September could offer some support for prices.”
Meanwhile, US gold prices saw a rally on Friday but remained on track for a weekly loss as traders awaited US inflation data for further insights into the Federal Reserve’s interest rate cut trajectory.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, provided a technical perspective, stating, “The 50% retracement level for gold is around Rs 65,800 per 10 grams, which is a major support level for now. After a period of consolidation, gold prices made a decisive move in July. While a pullback is possible, the overall outlook appears weak.”
Factors Influencing Gold Prices
Despite recent challenges, Jigar Trivedi highlighted a few factors that could provide short-term support for gold prices:
- Festive season buying
- A weak dollar
- Uncertainty surrounding the US elections
- Potential rate cuts by the US Federal Reserve
Global Market Impact
Spot gold prices saw a slight surge of 0.2%, reaching $2,368.89 per ounce, as of 0142 GMT, although it remained down over 1% for the week. US gold futures rose by 0.5% to $2,364.10. Other precious metals also saw movement: spot silver stayed flat at $27.96 per ounce, platinum jumped 0.6% to $938.95, and palladium rallied 0.5% to $911.50.
Silver Prices in India
Silver prices in India remained steady today, currently retailing at:
- Per kilogram: Rs 84,500
- 100 grams: Rs 8,450
22K Gold Price Movement in India Over the Last 10 Days
Here’s a look at the movement of 22k gold prices per 10 grams in India over the past 10 days:
- July 25: Fell by Rs 950
- July 24: Remained stable
- July 23: Dropped by Rs 2,750
- July 22: Fell by Rs 100
- July 21: Unchanged
- July 20: Dropped by Rs 350
- July 19: Fell by Rs 450
- July 18: Dropped by Rs 150
- July 17: Increased by Rs 900
- July 16: Rose by Rs 350
Silver Price Movement in India Over the Last 10 Days
Silver price per kilogram in India over the past 10 days has shown the following trends:
- July 25: Steep decline of Rs 3,000
- July 24: Fell by Rs 500
- July 23: Dropped by Rs 3,500
- July 22: Remained steady
- July 21: Unchanged
- July 20: Declined by Rs 1,750
- July 19: Sharp decline of Rs 1,450
- July 18: Dropped by Rs 1,300
- July 17: Increased by Rs 1,000
- July 16: Fell by Rs 200
1 Gram of 22K Gold Rate in Major Metropolitan Cities of India on July 26, 2024
Here’s a quick look at the price of 1 gram of 22k gold in major metropolitan cities:
- Chennai: Rs 6,415
- Mumbai: Rs 6,400
- Delhi: Rs 6,415
- Kolkata: Rs 6,400
- Kerala: Rs 6,400
- Bangalore: Rs 6,400
Conclusion
The recent decline in prices, driven by a cut in customs duty and various global economic factors, presents a compelling opportunity for buyers in India. While prices have remained steady today, the significant drop over the past month has made gold more accessible for those looking to invest. As the market navigates through potential Federal Reserve rate cuts and other economic uncertainties, it will be interesting to see how prices respond in the coming weeks.
FAQs
Q: Why did gold prices drop so significantly in July?
A: The significant drop in prices was primarily due to the cut in customs duty announced by Finance Minister Nirmala Sitharaman, along with increased economic concerns in China.
Q: Is it a good time to buy gold in India?
A: Given the recent drop in prices, it could be an opportune time to invest in gold, especially with potential rate cuts by the US Federal Reserve on the horizon.
Q: How have silver prices moved recently?
A: Silver prices in India have remained steady today but have seen fluctuations over the past 10 days, with notable declines on several days.
Q: What factors could support gold prices in the short term?
A: Factors such as festive season buying, a weak dollar, uncertainty surrounding the US elections, and potential rate cuts by the US Federal Reserve could provide short-term support for gold prices.
