Gold prices in India moved higher today, tracking firm global bullion prices. As of around 10:00 AM IST, 24-carat gold was priced at Rs 14,575 per gram, while 22-carat gold stood at Rs 13,360 per gram and 18-carat gold at Rs 10,931 per gram, according to GoodReturns. Retail gold prices increased by Rs 175 per gram for 24K, Rs 160 for 22K and Rs 131 for 18K compared with the previous day.
Silver also witnessed a strong rise. The white metal was priced at Rs 240 per gram or Rs 2,40,000 per kg, up by Rs 5 per gram and Rs 5,000 per kg from Tuesday’s levels. The sharp jump in silver prices was the biggest movement in the domestic precious metals market today.
MCX Update
On the Multi Commodity Exchange (MCX), the October 2026 gold futures contract was trading at Rs 1,45,359 per 10 grams, up Rs 1,060, or 0.73%. Meanwhile, the September 2026 silver futures contract rose to Rs 2,24,109 per kg, gaining Rs 2,494, or 1.13%. The gains indicate that domestic futures remained supported by positive global cues and stronger buying interest.
Why Did Gold Move Today?
Gold continued with its upward momentum for the third consecutive day in the global market. Gold’s rally, according to Reuters, is being attributed mostly to the weaker performance of the US dollar, along with the fall in oil prices.
The weakened US dollar would mean that gold would become relatively cheaper for buyers from abroad and would increase the demand for the commodity. Simultaneously, a fall in oil prices would mean that there are lesser chances of rising inflation, which can help influence expectations regarding US interest rates.
However, investors in the market will be keeping a close eye on the coming US jobs data, which would help give a new perspective on the US Federal Reserve’s interest rates.
Gold bulls have also toned down their expectations of a September rate rise as chances of this have now been reduced to 59% from 67% just the previous day. Though higher rates usually tend to dampen interest in gold due to the non-interest bearing nature of the metal, doubts about the Fed’s next move have kept bullion prices afloat.
Elsewhere, global financial markets kept an eye on geopolitical issues following reports that progress had been made in talks to lower the tensions between the United States and Iran. The spot gold price surged by 1.3% while the COMEX gold futures price gained close to 1.05%.
Impact of the Rupee
The value of gold in the international market is denominated in terms of US dollars. Imported gold in India is priced by conversion of the dollar into rupees depending on the current exchange rate of USD/INR. The last known conversion rate between the US dollar and Indian rupees was Rs 95.04 per US dollar. In addition to the international bullion rates, currency movements also affect the price of gold in India.
Why Indian Gold Prices Differ from Global Prices
Gold prices in India are usually higher than international prices because imported bullion attracts customs duty and Goods and Services Tax (GST). These taxes are added before gold reaches retailers.
Retail prices may also vary because of dealer premiums, transportation costs, currency conversion and jewellery-making charges. As a result, Indian consumers often pay more than the international benchmark price.
Gold Prices Across Major Indian Cities
Among major Indian cities, Delhi recorded the highest gold prices, while Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune were among the cities with the lowest rates for standard retail gold.
| City | 24K (Rs/g) | 22K (Rs/g) | 18K (Rs/g) |
| Delhi | 14,590 | 13,375 | 10,946 |
| Chennai | 14,575 | 13,360 | 11,175 |
| Mumbai | 14,575 | 13,360 | 10,931 |
| Kolkata | 14,575 | 13,360 | 10,931 |
| Bengaluru | 14,575 | 13,360 | 10,931 |
| Hyderabad | 14,575 | 13,360 | 10,931 |
| Kerala | 14,575 | 13,360 | 10,931 |
| Pune | 14,575 | 13,360 | 10,931 |
| Ahmedabad | 14,580 | 13,365 | 10,936 |
| Vadodara | 14,580 | 13,365 | 10,936 |
(Source: Good Returns)
Weekly Trend
The price movement of gold has been volatile in the last one week. Following price falls on July 28 and July 29, there were increases on July 30 and July 31 with no much change over the weekend.
Today’s rise of Rs 175 per gram of 24-karat gold is the biggest gain recorded in recent trading sessions. Despite the volatility, the gold price is still at high levels like those observed in recent weeks.
Silver has also strengthened this week. The metal climbed to Rs 2,40,000 per kg, compared with Rs 2,35,000 per kg at the beginning of August, indicating continued strength in the domestic market.
Silver Prices Across Major Indian Cities
Silver prices remained uniform across most major cities. There was no difference between the highest and lowest quoted retail prices.
| City | 10 Gram (Rs) | 1 Kg (Rs) |
| Delhi | 2,400 | 2,40,000 |
| Mumbai | 2,400 | 2,40,000 |
| Chennai | 2,400 | 2,40,000 |
| Kolkata | 2,400 | 2,40,000 |
| Bengaluru | 2,400 | 2,40,000 |
| Hyderabad | 2,400 | 2,40,000 |
| Kerala | 2,400 | 2,40,000 |
| Pune | 2,400 | 2,40,000 |
| Ahmedabad | 2,400 | 2,40,000 |
| Vadodara | 2,400 | 2,40,000 |
(Source: Good Returns)
Dubai Gold Prices
Gold prices in Dubai continued to remain lower than retail prices in India mainly because of differences in taxation, import duties and local market costs. Indian retail prices also include GST and other domestic charges. The conversion below is based on 1 AED = Rs 25.86.
| Purity | Dubai Price (AED/g) | Approx. Price (Rs/g) |
| 24K | 496 | 12,827 |
| 22K | 459.25 | 11,876 |
| 21K | 440.25 | 11,385 |
| 18K | 377.5 | 9,760 |
(Source: Khaleej Times)
What Should Investors Watch Now?
The global market will keep an eye on the US ADP employment number and the July non-farm payrolls report that are going to be released soon, as they may impact expectations of the next step of the Federal Reserve policy.
Another factor that traders will follow is the US dollar, crude oil prices, as well as the COMEX gold and silver futures contracts. Geopolitical events will be another point to take into account.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
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Prabhat Gupta is Senior Copy Editor of Business Segment. He has worked across broadcast and digital newsrooms, editing and producing stories on politics, business, regulation and current affairs. His work has included writing on global markets and regulatory developments, along with long-form editorial content on business and governance.
He holds a master’s degree in Political Science from the University of Delhi and qualified UGC-NET in the subject, bringing an academic grounding to public affairs and policy coverage.
