Gold Rate In India Today Crashes Rs 8,000, Extending Losses For 3rd Day; 24K, 22K, 18K Gold Prices (8-7-2026)

Gold rates in India crashed sharply on July 8th, by at least Rs 7,700 in 100 grams of 24-carat, extending its fall for a third consecutive day. Overall, gold has been under pressure for the past five days and declined by at Rs 25,100 in 100 grams and Rs 2,510 in 10 grams. This is due to renewed geopolitical risks between US-Iran which turned investors bullish for crude oil prices and dollar index, as inflationary pressure threatened for a rate hike in 2026. MCX gold is struggling below Rs 1.45 lakh and MCX silver is around Rs 2.30 lakh per 1Kg on Wednesday, trading cautiously ahead of FOMC minutes.

Gold Rates In India Today

On July 8th, 24 carat gold price tumbled by Rs 7,700 to Rs 14,44,900 per 100 grams, slipped by Rs 770 to Rs 1,44,490 in 10 grams, declined by Rs 616 to Rs 1,15,592 per 8 grams and is down by Rs 77 to Rs 14,449 per 1 gram.

Coming to 22 carat, on Wednesday, gold nosedived by Rs 7,000 to Rs 13,24,500 per 100 grams, plunged by Rs 700 to Rs 1,32,450 per 10 grams, declined by Rs 560 to Rs 1,05,960 per 8 grams and down by Rs 70 to Rs 13,245 per 1 gram.

Additionally, 18 carat gold rates plummeted by Rs 5,700 to Rs 10,83,700 per 100 grams, tumbled by Rs 570 to Rs 1,08,370 per 10 grams, dipped by Rs 456 to Rs 86,696 per 8 grams and is lower by Rs 57 to Rs 10,837 per 1 gram.

Prior to July 8th, 100 grams gold had declined by Rs 13,600 on July 7th, was down by Rs 1,100 on July 6th, and had also dropped by Rs 2,700 on July 4th. Gold was unchanged on July 5th. Accordingly, from July 4th to July 8th, 24 carat gold has crashed by Rs 25,100 in 100 grams and nosedived by Rs 2,510 in 10 grams.

Silver Rates In India Today

Unlike physical gold rates and despite decline in MCX silver, physical silver prices were unchanged on July 8. 1Kg silver price is unchanged at Rs 2.45 lakh, while 100 grams and 10 grams silver is flat at Rs 24,500 and Rs 2,450. Also, 8 grams silver is at Rs 1,960 and 1 gram silver is priced at Rs 245.

What Is Impacting Gold & Silver Rates In India?

"Gold edged 1.5% lower on Tuesday as investors assessed rising Middle East tensions and awaited the Federal Reserve's June meeting minutes for clues on the interest rate outlook. The metal had touched a two-week high on Monday after weaker-than-expected U.S. jobs data eased rate hike expectations," analysts at Axis Securities said in a note.

While silver plunged due to escalating tensions in the Middle East and a stronger U.S. dollar, triggering a broad sell-off in the white metal ahead of the FOMC meeting minutes.

Despite the recent correction in precious metals, Tata Mutual Fund continues to see a structurally bullish long-term outlook for both gold and silver, with global macroeconomic and structural factors remaining supportive.

In a note, Tata Mutual Fund experts pointed out that near-term pressure on gold may persist amid Fed rate uncertainty, a stronger US dollar and elevated bond yields; however, the report believes these factors are unlikely to alter gold's long-term structural investment case.

Also, silver's long-term outlook remains constructive, supported by rising demand from electronics, artificial intelligence hardware and renewable energy, despite near-term weakness in industrial demand.

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