Gold Rates Plummet in India Amid Fed Decision and US-Iran War Tensions

Gold rates in India fell on July 29, 2026, due to the Federal Reserve's decision. The 24K gold rate dropped by ₹66 per gram to ₹14,366, while the 22K gold rate decreased by ₹60 to ₹13,170. The 18K gold rate also declined by ₹50 to ₹10,778.

The decline in gold prices was attributed to the high rate expectations and the yield-less asset's pressure on investors. Despite this drop, the performance of gold has been impressive, with a 1-year return of 33.53%, a 5-year return of 185.92%, and a 20-year return of 1,199.44%.

The international gold rates were also affected, trading in the range of $4,020-$4,033 per troy ounce. The price of gold was $4,012.31, lower by 0.40%, according to one benchmark. Another measure showed a price of $4,017.12.

The attention of traders was focused on the Federal Reserve's decision, with a 40% probability of a 25-basis point hike at the immediate meeting and an 80% probability for the meeting in September.