Gold Prices in India Pull Back From Record Highs on Friday
Gold prices in India dropped on Friday, July 24, after reaching record highs on Wednesday. According to HDFC Sky, national rates for 24-karat gold fell to Rs 1,46,170 per 10 grams, while 22-karat gold decreased to Rs 1,33,990 per 10 grams and 18-karat gold dropped to Rs 1,09,630 per 10 grams. This decline is a result of the pullback from Wednesday's record highs, where prices surged nearly Rs 968 in a single session.
Despite this decrease, bullion dealers note that the overall uptrend remains firmly in place due to safe-haven demand persisting over the Iran war and turbulent crude oil prices. City-wise gold rates also showed significant variations, with Chennai having the highest premium across all three purities today.
The ongoing wedding season has contributed to robust demand for physical gold at jewellery stores, despite prices being significantly higher than at the start of the year. Analysts predict that gold prices may witness a fresh spike towards record highs if there is any further escalation in tensions between Iran and the US over the weekend or if the rupee plunges further against the dollar.