Gold Prices Drop Sharply In India on July 24: 24K Gold Down by Rs 13,600 per 100g, Silver Rates Down Too

Gold prices in India fell today after nearly a week of gains, as hopes for new trade deals between the US and major partners reduced gold's appeal as a safe investment. Yesterday, gold hit a new all-time high of Rs 1,02,330 for 10 grams of 24-carat. On Thursday, July 24, the price dropped by Rs 1,360 to Rs 1,00,970 for 10 grams.

Meanwhile, gold rates in India also fell as traders booked profits from a nearly a week's rise in prices. President Trump's announcement of a significant trade agreement with Japan, including lower-than-expected reciprocal tariffs of 15% instead of the threatened 25%, boosted risk appetite and overshadowed gold's appeal as a hedge.

Gold Rate In India Today On July 24

The price of gold in India decreased significantly on Thursday. The 24-carat gold rate today slipped by Rs. 1,360 per 10 grams to cost Rs. 1,00,970 per 10 grams. While the 22-carat gold prices today fell by Rs. 1,250 per 10 grams to cost Rs. 92,550 per 10 grams. Similarly, the 18-carat gold rate today also decreased by Rs 1,020 per 10 grams, and it currently retails for Rs 75,730 per 10 grams.

Gold prices have fallen for the first time this week. The cost of 100 grams of 22-carat gold today stands at Rs 9,25,500 after declining by Rs 12,500. The 24-carat gold price in India per 100 grams is now retailing at Rs 10,09,700 after dropping by Rs 13,600. Additionally, the 18-carat yellow gold in India is priced at Rs 7,57,300 per 100 grams, which has dropped by Rs 10,200.

Silver Rate in India Today

Silver prices in India today fell by Rs 1,000 for 1 Kg after rising for two days. Currently, 1kg of silver in India retails at Rs 1,18,000. While 100g of silver rates in India cost Rs 11,800, down by Rs 100.

Market Experts' View On Gold Prices

"Market focus is shifting to next week's Federal Reserve meeting, where the central bank is widely expected to keep rates unchanged, with traders now eyeing potential rate cuts later in October.

India's domestic gold demand remained weak as near-record prices discouraged retail buyers, forcing dealers to widen discounts to $10 an ounce over official prices compared to $8 previously. India's gold imports in June plunged 40% year-on-year to 21 tons, the lowest in more than two years," said Ajay Kedia, Director of Kedia Advisory

"Technically, the market is under long liquidation as open interest dropped by 16.71% while prices slipped by 912 rupees. Gold now finds support at 98,915, with a break below exposing 98,410, while resistance is likely at 100,240; a move above this could open the door to test 101,060," added, Ajay Kedia of Kedia Advisory.

MCX Gold and Silver Futures Update

Gold futures prices at the Multi-Commodity Exchange (MCX) are trading on the downside today. Gold futures, which are expected to mature on August 5 are trading 488 points lower by 0.49% at Rs 98,929 per 10 grams. Similarly, silver futures slated to mature on September 5 is down by 0.55% to trade at Rs 1,15,003.

Spot Gold Prices + Spot Silver Price Today

According to the latest update, "Spot gold is trading in red by 0.22% or 7.78 points trading at $3,379.36 an ounce, as of 10:58 GMT, extending its more than 1% loss from the previous session.

Meanwhile, silver spot is also trading low by 0.48% to $39.07 an ounce, easing from 14-year highs as progress in global trade negotiations dampened demand for safe-haven assets.

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