Gold Prices Soar Across India Amid Weaker US Dollar
The price of gold in India increased across the country on July 27, offering fresh cues for jewellery buyers at the start of the week. The retail market saw rates rise, while gold futures also gained due to a weaker US dollar after crude oil prices fell following a pause in hostilities between the US and Iran over the weekend.
The latest rates placed 24 karat gold at ₹14,586 per gram, 22 karat gold at ₹13,370 per gram, and 18 karat gold at ₹10,939 per gram. Prices varied slightly between cities, with Chennai recording gold prices of ₹14,508 per gram for 24K, ₹13,299 for 22K, and ₹11,114 for 18K.
Analysts say gold will also respond to changes in crude oil prices and developments in the US-Iran situation, both of which can influence inflation expectations and investor demand for safe-haven assets. The market enters the week after a positive finish last week, with domestic gold futures gaining about ₹2,200, or 1.6%, over the week.