Gold Rates In India Today Crash By Rs 12,600; July Begins With Big Fall In 24K, 22K, 18k Gold Prices; Reasons

Gold rates in India started the month of July with a big fall due to weak global trends. On July 1st, the 24 carat gold price crashed at least Rs 12,600 per 100 grams, while 22 carat and 18 carat gold rates dropped by Rs 11,500 and Rs 9,400. The steep decline can be attributed to deep selloffs in the bullion market at MCX and the USA. MCX gold crashed by over 1% to hit around the Rs 1.41 lakh mark on Wednesday, while the spot gold price touched a near 8-month low and is currently trading below $4,000 per ounce.

At least one rate hike is predicted by global central banks in 2026, which is expected to drive the US dollar and treasury yields stronger. Rising dollar makes non-yielding assets like gold undesirable.

Also, safe haven assets, which have been traditionally an investment option to hedge returns against inflationary pressure, is also impacted due to easing geopolitical tensions in West Asia.

"In the precious metals market, gold prices declined for a third consecutive session as expectations of a higher-for-longer U.S. interest rate environment strengthened the U.S. Dollar and reduced demand for non-yielding assets," said Ponmudi R, CEO of Enrich Money.

Gold Rates In India Today

24 Carat Gold Prices In India Today

24 carat gold plunged by Rs 12,600 in India to Rs 14,07,800 per 100 grams on July 1st, while the decline was to the tune of Rs 1,260 to Rs 1,40,780 per 10 grams. In the same carat, 8 grams gold is down by Rs 1,008 to Rs 1,12,624 and 1 gram gold slipped by Rs 126.

22 Carat Gold Prices In India Today

In India, 22 carat gold price declined by Rs 11,500 to Rs 12,90,500 per 100 grams, dropped by Rs 1,150 to Rs 1,29,050 per 10 grams, tumbled by Rs 920 to Rs 1,03,240 per 8 grams and is lower by Rs 115 to Rs 12,905 per 1 gram.

18 Carat Gold Prices In India Today

Furthermore, 18 carat gold price decreased by Rs 9,400 on Wednesday to Rs 10,55,900 per 100 grams and plummeted by Rs 940 to Rs 1,05,590 per 10 grams. Also, 8 grams gold here dipped by Rs 752 to Rs 84,472 and 1 gram gold is down by Rs 94 to Rs 10,559.

24 Carat, 22 Carat, 18 Carat Gold Prices City-Wise Today

24 carat gold price is expensive in Chennai to Rs 14,291 per 1 gram, while the rate is at Rs 14,093 in Delhi, at Rs 14,083 in Ahmedabad and Vadodara.

In cities like Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala, and Pune, 1 gram gold is priced at Rs 14,078 in 24 carat, at Rs 12,905 in 22 carat and at Rs 10,574 in 18 carat.

22 carat and 18 carat remain expensive in Chennai to Rs 13,100 and Rs 10,940.

City	24K Gold (1 gm)	22K Gold (1 gm)	18K Gold (1 gm)
Chennai	₹14,291	₹13,100	₹10,940
Mumbai	₹14,078	₹12,905	₹10,559
Delhi	₹14,093	₹12,920	₹10,574
Kolkata	₹14,078	₹12,905	₹10,559
Bangalore	₹14,078	₹12,905	₹10,559
Hyderabad	₹14,078	₹12,905	₹10,559
Kerala	₹14,078	₹12,905	₹10,559
Pune	₹14,078	₹12,905	₹10,559
Vadodara	₹14,083	₹12,910	₹10,564
Ahmedabad	₹14,083	₹12,910	₹10,564

MCX Gold Price Today

MCX gold witnessed immense selling pressure on July 1st. The MCX gold futures with an August 5th expiry date nosedived by Rs 1,702 to hit an intraday low of Rs 1,40,829 per 10 grams. The price is currently down by 1.2%.

Spot Gold Price Today

Spot Gold continues to trade under pressure, falling by nearly 1% to trade around $3,975 per ounce on July 1st. The bullion is near its lowest level in almost 8 monhts.

The performance comes after strong US economic data underscored the economy's resilience and reinforced expectations that the Federal Reserve will raise interest rates this year. The latest JOLTS report showed job openings climbed to a two-year high, while analysts expect another solid increase in June non-farm payrolls. Meanwhile, recent core inflation readings remained well above the Fed's 2% target. Markets are now pricing in at least one Fed rate hike this year, with the first potentially coming as early as September. Investors also awaited updates from the ongoing US-Iran peace talks in Qatar amid hopes for a lasting ceasefire agreement, although the two sides were not expected to hold direct talks, as per Trading Economics.

Gold Rates Outlook Ahead:

As per Ponmudi, here's how gold prices will perform in India and globally.

MCX Gold Price Outlook:

On the upside, immediate resistance is placed at ₹1,41,600-₹1,42,000, where selling pressure is likely to emerge. A sustained move above this zone could trigger a recovery toward ₹1,43,000-₹1,43,500.

On the downside, a break below the ₹1,41,000 level could intensify selling pressure and drag prices toward the ₹1,40,500-₹1,40,000 psychological support zone. Overall, the near-term bias remains cautious, with prices needing to reclaim and sustain above ₹1,42,000 to stabilize sentiment.

Spot Gold Price Outlook

COMEX Gold continues to trade with a weak bias within the $4,000-$3,980 support zone. Immediate support is placed at $3,930-$3,900, followed by the $3,830-$3,800 region, which is likely to act as a major support area.

On the upside, a sustained move above the $4,000 mark could strengthen momentum and trigger a recovery toward $4,090-$4,120, with further gains extending toward the $4,200-$4,240 resistance zone. Overall, the near-term outlook remains weak, with prices needing to reclaim and sustain above the $4,000 mark to stabilize sentiment and improve momentum.

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