Gold Falls on July 31 After Two-Session Rise
Gold prices fell on July 31 after rising for two straight sessions. Despite this drop, gold was still on track to end the week and the month with gains due to a weaker US dollar, easing inflation, and the US Federal Reserve's decision to keep interest rates unchanged.
The spot price of gold had decreased by 0.4% or $16 to $4,087.9 per ounce as of 7:04 am IST. Bullion was poised to gain about 1% for the week and nearly 2% for July.
In India, city-wise prices showed that 24-carat gold stood at Rs 1,43,650 per 10 grams in Delhi and Chennai, while Mumbai, Kolkata, and Hyderabad quoted Rs 1,43,500. Meanwhile, 22-carat gold was priced between Rs 1,31,540 and Rs 1,31,690 per 10 grams across these cities.
Silver prices varied across major Indian cities on July 31. Delhi recorded the highest rate at Rs 2,25,900 per kg, while Mumbai quoted the lowest at Rs 2,17,900 per kg.