Indian Gold Prices Decline Amid Global Gold Price Rally

Gold prices in India's retail market declined on July 28, as the global gold price rose. The MCX gold rate was trading 0.62% lower at ₹142,940 per 10 grams. Spot gold gained 0.9% to $4,087.59 an ounce in international markets, due to a pause in hostilities between the US and Iran, which eased inflation concerns ahead of the US interest rate decision.

The drop in oil prices by 6% also contributed to the increase in global gold price. However, the retail market saw a decline in both 24-karat and 22-karat gold rates across major cities. Silver prices also dropped in the domestic bullion market, with MCX silver futures trading about 1.29% lower at ₹218,920 per kg.

The latest gold prices in New Delhi were ₹142,410/10 gm for 24 karat and ₹130,543/10 gm for 22 karat. In Mumbai, the prices were ₹142,660/10 gm for 24 karat and ₹130,772/10 gm for 22 karat.