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As the weekend approached, Friday morning brought good news. The steady rise in gold prices across the country over the past few days finally came to a halt on Friday, July 24th. Gold prices fell in most major cities during morning trade, bringing some relief to consumers and investors. According to reports, the price of 24-carat gold in the capital, Delhi, fell to ₹1,46,320 per 10 grams, while the price of 22-carat gold reached ₹1,34,140. In the financial capitals, Mumbai and Kolkata, the price of 24-carat gold is ₹1,46,170 per 10 grams, while the price of 22-carat gold will remain at ₹1,33,990.

The price of 99.9 percent purity gold fell by Rs 400 in the Delhi bullion market yesterday, settling at Rs 1,49,200 per 10 grams. This decline, following a steady rise, is considered significant for the market. 

The impact of developments in the international market

According to Reuters, gold prices have also fallen in the global market. Spot gold prices have reached US$4,042.77 per ounce, while US gold futures for August delivery are trading at $4,045.60 per ounce.

Meanwhile, renewed geopolitical tensions between the US and Iran have pushed Brent crude oil prices past $100 per barrel. There are fears that rising crude oil prices will increase global inflationary pressures. Markets are anticipating the possibility that the US central bank, the Federal Reserve, may raise interest rates in the future to control inflation. What impact does a rise in interest rates have on gold?

Gold is a non-interest-bearing investment instrument. When central banks raise interest rates, returns on bank deposits, bonds, and other interest-bearing investments become more attractive. Consequently, some investors reduce their gold investments and pursue other options. This could reduce demand for gold, putting downward pressure on its price.

Market focus on next Federal Reserve meeting

According to the CME FedWatch tool, the US Federal Reserve meeting on July 28-29 is highly likely to be the first to make any interest rate changes. However, market traders estimate an 81% chance of a rate hike at the September meeting. Therefore, investors in global markets are now focusing on upcoming monetary policy.

Gold prices in major cities of the country 

Today in the capital Delhi, the price of 24 carat gold was Rs 1,46,320 per 1 tola, while the price of 22 carat was Rs 1,34,140. In the financial capital Mumbai and Kolkata, 1 tola of 24 carat gold is available for Rs 1,46,170 and 22 carat gold for Rs 1,33,990. However, gold is available at the highest rate in Chennai, where 10 grams of 24 carat gold is available for Rs 1,47,290 and 22 carat gold for Rs 1,35,010 per 10 grams. Gold prices have also been revealed in Pune and Bengaluru, where 10 grams of 24 carat gold is available for Rs 1,46,170 and 22 carat gold for Rs 1,33,990.

Silver prices also fell

Like gold, silver prices also fell today. In the morning session on July 24th, silver prices were recorded at ₹239,900 per kilogram. Spot silver prices in the international market fell to $57.56 per ounce. Platinum prices, meanwhile, are trading at $1,592.97 per ounce.