New Delhi: Gold prices witnessed a slight decline across India on Saturday, with the rates of 24-carat, 22-carat and 18-carat gold falling compared to the previous day. According to market data, the easing of geopolitical tensions and changes in import duty have contributed to continued volatility in domestic gold prices.
Latest gold rates
As of July 4, the price of gold in India is:
| Purity | Price per gram |
|---|---|
| 24 Carat | ₹14,673 |
| 22 Carat | ₹13,450 |
| 18 Carat | ₹11,005 |
Compared to July 3, the rates have declined by:
- 24 Carat: ₹27 per gram
- 22 Carat: ₹25 per gram
- 18 Carat: ₹20 per gram
City-wise gold prices
| City | 24K | 22K | 18K |
|---|---|---|---|
| Chennai | ₹14,946 | ₹13,700 | ₹11,440 |
| Mumbai | ₹14,673 | ₹13,450 | ₹11,005 |
| Delhi | ₹14,688 | ₹13,465 | ₹11,020 |
| Kolkata | ₹14,673 | ₹13,450 | ₹11,005 |
| Bengaluru | ₹14,673 | ₹13,450 | ₹11,005 |
| Hyderabad | ₹14,673 | ₹13,450 | ₹11,005 |
| Pune | ₹14,673 | ₹13,450 | ₹11,005 |
| Vadodara | ₹14,678 | ₹13,455 | ₹11,010 |
| Ahmedabad | ₹14,678 | ₹13,455 | ₹11,010 |
Factors influencing gold prices
Gold prices continue to fluctuate daily due to a combination of global and domestic factors.
Market analysts attribute the recent decline to easing geopolitical tensions in West Asia, which have reduced demand for safe-haven assets such as gold.
In addition, the Central Government’s decision to increase the basic customs duty on gold and silver from 5 per cent to 10 per cent has also influenced domestic pricing trends.
Global developments remain key
Despite the recent fall in prices, uncertainty in the Middle East continues to keep investors cautious.
Although diplomatic efforts have temporarily reduced tensions in the region, ongoing geopolitical developments remain a significant factor influencing international gold prices.
Earlier concerns over disruptions to shipping through the Strait of Hormuz had pushed up crude oil and precious metal prices. However, as maritime traffic has normalised, crude oil prices have eased, contributing to softer gold and silver prices.
Outlook
Experts say gold prices are likely to remain volatile in the coming weeks as investors closely monitor global geopolitical developments, movements in international bullion markets, currency fluctuations and domestic demand.
Buyers planning to purchase gold are advised to check the latest local rates before making transactions, as prices vary by city and are subject to daily revisions.