Gold Prices Fall in India on July 16: 24K Gold Down by Rs 4,900 per 100g, Silver Rates Down Too

Gold prices in India dropped again today, marking the second fall this week. This decline comes as investors reacted to rising inflation in the US and ongoing global trade issues. On Wednesday, July 16, the price of 24-carat gold decreased by Rs 490, bringing the rate to Rs 99,280 for 10 grams.

Meanwhile, the gold rates in India also fell as traders booked profits after the latest US Consumer Price Index (CPI) report tempered hopes of an imminent pivot in the Federal Reserve's policy stance. The data, combined with fresh tariff announcements by US President Trump targeting 25 countries-including Canada, Mexico, the EU, and Brazil-kept investors on edge, reinforcing the safe-haven appeal of gold in the medium term but weighing on near-term sentiment.

Gold Rate In India Today In July 16

The 24 carat gold rate today slipped by Rs. 490 per 10 grams to cost Rs. 99,280 per 10 grams. While the 22-carat gold prices today fell by Rs. 450 per 10 grams to cost Rs. 91,000 per 10 grams. Similarly, the 18-carat gold rate today also decreased by Rs 370 per 10 grams, and it currently retails for Rs 74,460 per 10 grams.

In a similar manner, the cost of 100 grams of 22-carat gold today stands at Rs 9,10,000 after declining by Rs 4,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,99,800 after dropping by Rs 4,900. Also, the 18-carat yellow metal in India per 100 grams is now retailing at Rs 7,44,600 after dropping by Rs 3,700.

Silver Rate in India Today

Silver prices in India today fell by Rs 1,000 for 1 Kg after remaining stable for three straight days. Currently, 1kg of silver in India retails at Rs. Rs 1,14,000 While 100g of silver rates in India cost Rs 11,400, down by Rs 100.

Market View On Gold Prices

"Technically, gold is under long liquidation with open interest falling 7.01% to 10,720 lots while prices slipped 564. Immediate support is seen at 96,800, below which prices may test 96,385. Resistance is now pegged at 97,855, with a break above opening the door to 98,495," said Ajay Kedia, Director of Kedia Advisory.

MCX Gold and Silver Futures Update

Gold futures prices at the multi-commodity exchange (MCX) are marginally up today. Gold futures, which are expected to mature on August 5 is trading 119 points higher by 0.12% at Rs 97,330 per 10 grams. Similarly, silver futures slated to mature on September 5 is up by 0.08% to trade at Rs 1,11,580.

Spot Gold Prices + Spot Silver Price Today

According to the latest update, "Spot gold is marginally up by 0.37% or 12.26 points trading at $3,337.22 an ounce, as of 11.10 GMT, gaining from the previous session as optimism over trade developments increased the metal's safe-haven appeal.

Meanwhile, spot silver is also marginally up by 0.41% to $37.85 an ounce, gaining support from a weaker dollar amid new tariff disputes.

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.