Gold Prices Dip to ₹1.51 Lakh Per 10 Grams Amid International Weakness
Gold and silver prices dipped on August 2 due to weakness in international bullion markets. In India, gold prices hit ₹1.51 lakh per 10 grams, while silver rates neared ₹2.35 lakh per kilogram. On the Multi Commodity Exchange (MCX), gold futures dropped by 0.88% to ₹1.42 lakh per 10 grams, and silver futures fell by around 2% to ₹2.17 lakh per kilogram.
Market participants are keeping a close eye on global economic data, US interest rate expectations, and currency movements for further direction in precious metal prices. The retail market is still dominated by two purities: 24-karat and 22-karat gold. While 24-karat gold is considered the purest form of the precious metal, 22-karat gold is more widely used for jewelry due to its greater strength and durability.
The latest rates from top jewellers show that Joyalukkas and Malabar Gold & Diamonds both quoted ₹13,230 per gram across major Indian states on July 14. Tanishq's 22K gold rate stood at ₹13,260 per gram, while Malabar's 24-carat gold rate was ₹14,432 per gram.