Gold prices remained volatile on Friday, July 24, with domestic and international markets moving in different directions. While gold futures on the Multi Commodity Exchange (MCX) opened sharply lower, spot prices in the global market edged higher. At the opening of trade, 24-carat gold futures on MCX declined by 1.98 per cent or Rs 2,884 to Rs 1,42,796 per 10 grams, compared with the previous close of Rs 1,45,680 per 10 grams. In contrast, international spot gold climbed to $4,050.20 per ounce. According to the (IBJA), gold price stood at Rs 1,44,605 per 10 grams for 24-carat gold on Friday morning. Retail portal Goodreturns listed the price of 24-carat gold at Rs 1,47,420 per 10 grams.
24K, 22K, 18K Gold Rate In Delhi, Chennai, Mumbai And Other Major Cities
| City | 24 carat gold rate (10 grams) | 22 carat gold rate (10 grams) | 18 carat gold rate (10 grams) |
| Delhi | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Mumbai | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Kolkata | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Chennai | Rs 147,280 | Rs 135,000 | Rs 113,150 |
| Patna | Rs 147,320 | Rs 135,050 | Rs 110,510 |
| Lucknow | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Meerut | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Ayodhya | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Kanpur | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Ghaziabad | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Noida | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Gurugram | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Chandigarh | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Jaipur | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Ludhiana | Rs 147,420 | Rs 135,150 | Rs 110,610 |
| Guwahati | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Jalgaon | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Indore | Rs 147,320 | Rs 135,050 | Rs 110,510 |
| Ahmedabad | Rs 147,320 | Rs 135,050 | Rs 110,510 |
| Vadodara | Rs 147,320 | Rs 135,050 | Rs 110,510 |
| Appearance | Rs 147,320 | Rs 135,050 | Rs 110,510 |
| Pune | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Nagpur | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Nashik | Rs 147,310 | Rs 135,030 | Rs 110,490 |
| Bangalore | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Bhubaneswar | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Raipur | Rs 147,280 | Rs 135,000 | Rs 110,460 |
| Hyderabad | Rs 147,280 | Rs 135,000 | Rs 110,460 |
Why Gold Prices Have Been Under Pressure
The previous trading session saw a decline in bullion prices as rising crude oil prices and global uncertainties dampened investor sentiment. In Delhi’s bullion market, 99.9 per cent pure gold dropped by Rs 400 to Rs 1,49,200 per 10 grams, down from Rs 1,49,600 in the earlier session. Internationally, spot gold also slipped by $38.92, or nearly 1 per cent, to $4,091.17 per ounce.
Gold futures also weakened on Thursday. The October contract on MCX fell by Rs 180, or 0.59 per cent, to Rs 1,46,180 per 10 grams, while global gold prices in New York eased 0.21 per cent to $4,121.55 per ounce.
Experts Explain the Market Trend
According to market participants, profit-booking in bullion intensified as crude oil prices climbed, raising concerns that inflation could remain elevated and prompt central banks to delay interest rate cuts.
According to news agency PTI, Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, said rising tensions in West Asia led to a rise in crude oil prices, which increased inflation concerns and strengthened expectations that the US Federal Reserve may maintain a tight monetary policy stance for a longer period or raise interest rates later this year, which put pressure on bullion prices.
Spot gold fell to around $4,093 an ounce as a sharp rise in crude oil prices after Yemen’s Houthis targeted a ship in the Red Sea for the first time in months, dampening investor sentiment, said Praveen Singh, head of commodities at Mirae Asset Sharekhan.
Market experts added that weak demand in the spot market also weighed on gold futures, contributing to Friday’s softer opening.