Gold Prices in Mumbai Extend Decline for Second Straight Session

Gold prices in Mumbai continued to decline on July 29, extending losses for the second consecutive session. The 24K gold rate dropped by ₹66 to ₹14,351 per gram, while 22K gold slipped by ₹60 to ₹13,155.

The recent correction has erased most of the gains made during last week's rally, leaving prices only marginally above where they stood 10 days ago. The latest pullback has brought prices close to where they traded at the beginning of this period.

Global bullion prices, fluctuations in the rupee against the US dollar, and changes in import costs all affect retail gold rates. Inflation expectations, interest-rate outlook, central bank purchases, and geopolitical developments also play a significant role in determining daily price movements.