Gold Rates Drop in India On July 9! Down by Rs 6,600 for 24K/100 Grams, Silver Steady; Should You Buy On Dips?

Gold rate in India slipped today after yesterday's rise. Gold prices has been fluctuating this week by witnessing rise and fall on alternate days. Today, the price of 10 grams of 24-carat gold has dropped by Rs 660, bringing the current price to Rs 98,180.

This decrease in gold prices in India follows a similar trend in global markets. Gold prices are falling around the world because investors are reacting to renewed trade tensions involving the United States and changing expectations about interest rates. These factors are making people rethink how valuable gold might be in the near future.

24 Karat Gold Rate Today

Today, the gold rate in India has seen a notable decrease across all purities and quantities. For 24 karat gold, the price per gram is Rs 9,818, down by Rs 66 from yesterday's Rs 9,884. The cost for 8 grams stands at Rs 78,544, a reduction of Rs 528 on Wednesday. Similarly, 10 grams of 24K gold is now priced at Rs 98,180, down by Rs 660, while 100 grams is available at Rs 9,81,800, showing a sharp drop of Rs 6,600 from the previous day.

22 Karat Gold Rate Today

The 22-karat gold rate also declined on July 9. The price of 22K per gram is Rs 9,00, down by Rs 60 from yesterday's Rs 9,060. For 8 grams, the price is Rs 72,000, which is Rs 480 less than yesterday. A 10-gram purchase of 22K gold now costs Rs 90,000, reflecting a decrease of Rs 600, while 100 grams is available at Rs 9,00,000, down by Rs 6,000 from the previous rate.

18 Karat Gold Rate Today

Similarly, 18 Karat gold prices have fallen as well on Wednesday. The rate of 18K per gram is Rs 7,364, down by Rs 49. For 8 grams, the price is Rs 58,912, which is Rs 392 less than yesterday's rate. A 10-gram piece of 18K gold now costs Rs 73,640, a drop of Rs 490, while 100 grams is priced at Rs 7,36,400, marking a decrease of Rs 4,900.

Silver Price In India

1 kg silver price in India is steady at 1,10,000 on Wednesday. 100 grams and 10 grams silver prices are stable at 11,000 and Rs 1,100 respectively. 1 gram of silver is available at Rs 110.

Why Gold Prices Have Fallen Today?

Gold prices have fallen because the Federal Reserve gave a less strong signal about cutting interest rates, which reduced worries about new trade tensions. President Trump said there would be no more delays to the August 1 tariffs and introduced new trade measures. These include a 50% tax on copper imports, possible 200% taxes on some medicines, and a 10% tax on goods from BRICS countries.

At the same time, hopes for an interest rate cut in July dropped after a strong U.S. jobs report last week eased concerns about the economy slowing down. The new tariffs are also expected to raise inflation in the U.S., which may make it harder for the Fed to lower rates further. Investors are now waiting for the release of the Fed's June meeting notes to better understand its plans.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on August 5, 2025, are trading at Rs. 96,260 after falling 0.22% or 212 points. While, silver futures, which are set to expire on September 5, 2025, rose by 0.08% and are currently trading at Rs 1,08,073 at 10:55 AM on Wednesday.

MCX Gold Price Outlook

"Gold slipped by 0.82% to settle at 96,472 as investors digested the impact of renewed US trade tensions and shifting interest rate expectations. President Trump's threat of higher tariffs on imports from key partners like Japan and South Korea initially spooked markets, but sentiment steadied somewhat after he delayed implementation until August 1, giving room for negotiations. A stronger-than-expected US jobs report also weighed on gold, as it reduced the likelihood of an imminent Federal Reserve rate cut, dampening the appeal of non-yielding bullion.

"Technically, gold is under long liquidation as open interest fell by 1.47% to 12,293 lots, with prices down 798. Immediate support is at 95,905, below which prices may test 95,340. Resistance is pegged at 97,140, with a break above likely to push prices towards 97,810," according to Ajay Kedia, Director of Kedia Advisory.

Gold Spot Prices + Spot Silver Price Today

Gold spot is down 0.27% to USD 3,292.50 an ounce, at 10:58 AM. However, it is 39.99% up in last one year. Silver spot is also down by 0.35% at USD 36.63 per ounce."

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.