Gold Rates In India Crashes Up To Rs 22,000 In 2 Days, Silver Rate Down Rs 5,000; Latest Gold Prices In Cities

Gold rates in India crashed for the second consecutive day with its biggest single-day fall this week recorded on July 24, 2026. 24-carat dropped by Rs 18,500 on Friday alone in 100 grams, after a Rs 3,300 decline yesterday. A nearly Rs 22,000 correction in 100 grams and Rs 2,200 decline in 10 grams of gold are recorded in the 999 purity. On the contrary, silver rates in India plunged for the first time since July 18th. The reason behind sharp selling in precious metals is the stronger crude oil prices, rising dollar, and treasury yields. The renewed tensions between US and Iran, which entered into the 13th day, has raised the probability of rate hike from the US Federal Reserve.

All eyes will be on the US Federal Reserve's policy, which is scheduled next week. Although market participants are predicting a status quo in interest rates of 3.50% to 3.75%, the possibility of a rate hike is not ruled out with energy cost rising as crude embraces above 101 mark this week.

In India, gold rates followed the trend of global market. Spot gold is down by 1% to trade below $4,025 per ounce, while spot silver has sustained between $57 and $58 per ounce levels. Meanwhile, at MCX, gold futures is below Rs 1.42 lakh per 10 grams and MCX silver futures holds below Rs 2.19 lakh per 1Kg. Precious metals are broadly down by 1% across markets.

The jump in oil prices stoked inflation concerns, reinforcing expectations of tighter Fed policy and weighing on non-yielding assets. Markets now see a 34% chance of a rate hike next week, with the probability of a September increase exceeding 81%. Separately, fresh US tariffs of 10%-12.5% on imports from major trading partners added to market uncertainty, as per Trading Economics.

A rate hike makes yielding assets like dollar and bonds attractive, but dampens demand for non-yielding assets like gold. Hence, the upcoming Fed policy is crucial amidst this fresh hostilities in West Asia. Gold rates in India will move accordingly as well. That being said, let's see the current gold rates.

Gold Rates In India:

From July 23-24, gold price dropped by Rs 21,800 in 100 grams of 24 carat, while declined by Rs 2,180 in 10 grams. Gold turned bearish for the first time since July 18, 2026. Despite the latest decline, gold is on track for weekly gains.

Accordingly, on July 24, 10 grams gold declined by Rs 1,850 to Rs 1,44,330 in 24 carat and 100 grams gold price plunged by Rs 18,500 to Rs 14,43,300 in the same carat. Also, 8 grams gold is down by RS 1,480 to Rs 1,15,464 and 1 gram gold is lower by Rs 185 to Rs 14,433.

Furthermore, 22 carat gold nosedived by Rs 17,000 in 100 grams to Rs 13.23 lakh and 10 grams gold here tumbled by Rs 1,700 to Rs 1,32,300. Additionally, 8 grams gold is lower by Rs 1,360 to Rs 1,05,840 and 1 gram gold is down by Rs 170 to Rs 13,230.

Meanwhile, 18 carat gold price plummeted by Rs 13,900 to Rs 10,82,500 per 100 grams and 10 grams gold slipped by Rs 1,390 to Rs 1,08,250. Moreover, 8 grams gold shed Rs 1,112 to Rs 86,600 and 1 gram gold is down by Rs 139 to Rs 10,825.

When GoodReturns asked Ajay Kedia, founder and director of Kedia Advisory, on Fed policy impact on gold and silver, he said, "Generally, we hear that gold and silver prices rise during times of conflict. However, when this conflict began around March 1st, we actually saw a significant drop in gold prices-a decline of around 30%."

"But now, it seems the market has factored in the ongoing Russia-Ukraine war as a perpetual state of affairs," said Kedia.

Explaining in detail, Kedia said, "If inflation rises, interest rates will likely be hiked, and a rate hike usually leads to a drop in gold prices. However, the market is currently noting that job numbers are coming in quite soft. If job openings remain low while rates are hiked, it bakes in a negative scenario for the economy. That is why expectations are being adjusted; while there is currently a 52-53% probability assigned to a rate hike in September, I don't think a hike will happen that soon."

Gold Rates City-Wise

Gold Rates In Chennai:

Today's gold price in Chennai stands at Rs14,433 per gram for 24 karat gold (99.9% purity), Rs13,230 per gram for 22 karat gold (91.6% purity), and Rs11,045 per gram for 18 karat gold (75% purity).

Gold Rates In Hyderabad:

Today's gold price in Hyderabad stands at Rs14,433 per gram for 24 karat gold (99.9% purity), Rs13,230 per gram for 22 karat gold (91.6% purity), and Rs10,825 per gram for 18 karat gold (75% purity).

Gold Rates In Bengaluru:

Today's gold price in Bangalore stands at Rs14,433 per gram for 24 karat gold (99.9% purity), Rs13,230 per gram for 22 karat gold (91.6% purity), and Rs10,825 per gram for 18 karat gold (75% purity).

Gold Rates In Mumbai:

Today's gold price in Mumbai stands at Rs14,433 per gram for 24 karat gold (99.9% purity), Rs13,230 per gram for 22 karat gold (91.6% purity), and Rs10,825 per gram for 18 karat gold (75% purity).

Gold Rates In Kolkata:

Today's gold price in Kolkata stands at Rs14,433 per gram for 24 karat gold (99.9% purity), Rs13,230 per gram for 22 karat gold (91.6% purity), and Rs10,825 per gram for 18 karat gold (75% purity).

Gold Rates In Delhi:

Today's gold price in Delhi stands at Rs14,448 per gram for 24 karat gold (99.9% purity), Rs13,245 per gram for 22 karat gold (91.6% purity), and Rs10,840 per gram for 18 karat gold (75% purity).

Silver Rates In India Today

1Kg silver price slipped by Rs 5,000 today to Rs 2.35 lakh, while 100 grams and 10 grams silver rates declined by Rs 500 and Rs 50 to Rs 23,500 and Rs 2,350 respectively. Also, 8 grams silver is down by Rs 40 to Rs 1,880 and 1 gram silver is down by Rs 5 to Rs 235.