Gold Rate Crashes By Rs 40,400 In Chennai, Hyderabad In 3 Days; 24K, 22K, 18K Gold Prices Today (08/07/2026)

Gold rates in India crashed for the third day in a row, due to weak global trends. On July 8th, 24 carat gold price nosedived by Rs 7,600 to Rs 7,700 in 100 grams in cities like Hyderabad and Chennai. But gold has dropped at least Rs 40,000 this week so far. The reason behind the latest decline is renewed geopolitical tensions between US and Iran, surge in dollar above 101 and an uptrend in crude oil prices which has heightened inflationary pressure and rate hike possibility ahead. MCX gold crasked below Rs 1.45 lakh per 10 grams and spot gold struggled around $4,100 per ounce on Wednesday. FOMC minutes later in the day will define the trend in precious metals ahead.

Gold Rates In Chennai:

In Chennai, 24 carat gold price dropped by Rs 7,600 in 100 grams to Rs 14,54,200 and declined by RS 760 to Rs 1,45,520 per 10 grams on July 8th. Meanwhile, 22 carat gold slipped by Rs 7,000 to Rs 13.33 lakh per 100 grams and dipped by Rs 700 to Rs 1,33,300 per 10 grams. Also, 18 carat gold price plunged by Rs 5,000 to Rs 11.15 lakh per 100 grams and tumbled by Rs 500 to Rs 1,11,500 per 10 grams.

Furthermore, the 8 grams gold rate plummeted by Rs 608 to Rs 1,16,336 in 24 carat, dropped by Rs 560 to Rs 1,06,640 in 22 carat and was lower by Rs 400 to Rs 89,200 in 18 carat.

Additionally, the 1 gram gold price slipped by Rs 76 to Rs 50 across carats. 1 gram gold is available at Rs 14,542 in 24 carat, at Rs 13,330 in 22 carat and at Rs 11,150 in 18 carat.

Gold has plunged by Rs 40,400 per 100 grams and dropped by Rs 4,040 in 10 grams of 24 carat in Chennai from July 6th to 8th. This is steeper decline than compared to gold rates in Hyderabad. However, gold is stil expensive in Chennai compared to cities like Mumbai, Pune, Hyderabad, Kolkata, Delhi, Ahmedabad, Kerala and Kolkata despite the latest drop.

Gold Rates In Hyderabad:

24 carat gold price tumbled by Rs 7,700 to Rs 14,44,900 per 100 grams, slipped by Rs 770 to Rs 1,44,490 in 10 grams, declined by Rs 616 to Rs 1,15,592 per 8 grams and is down by Rs 77 to Rs 14,449 per 1 gram.

In case of 22 carat, gold nosedived by Rs 7,000 to Rs 13,24,500 per 100 grams, plunged by Rs 700 to Rs 1,32,450 per 10 grams, declined by Rs 560 to Rs 1,05,960 per 8 grams and down by Rs 70 to Rs 13,245 per 1 gram.

Meanwhile, 18 carat gold rates plummeted by Rs 5,700 to Rs 10,83,700 per 100 grams, tumbled by Rs 570 to Rs 1,08,370 per 10 grams, dipped by Rs 456 to Rs 86,696 per 8 grams and is lower by Rs 57 to Rs 10,837 per 1 gram.

What Is Impacting Gold Prices Today?

"Gold price has resumed on a weaker note for the 4th consecutive session today at145,200 and continued its downside momentum as concerns around inflation and higher interest rates rose after fresh U.S. strikes on Iran lifted oil and the dollar ahead of the release of the Federal Reserve's June meeting minutes," said Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking.

The expert added that gold price has remained below its all key moving averages i.e. 20, 50 and 100-EMAs on 4-hourly chart placed at 145617, 146195 and 148325 respectively.

Going ahead, the expert said, "With recent price-decline, we can observe a rise in OI level in current contract to 10,560 lots, suggesting Short buildup. Major support would be at Daily SAR level placed at 141,826."

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