Gold Price Falls on July 28: 24K Gold Nears ₹1 Lakh, Silver Also Drops—Check City-Wise Rates
New Delhi, July 28, 2025 — On Monday, July 28, 2025, gold and silver prices dipped across major Indian cities, marking a notable decline from last week's levels. The price of 24-carat gold fell by up to ₹800 per 10 grams, trading near the ₹1,00,000 mark, while silver prices also saw a downturn. The fall in rates is being attributed to recent global market developments and changing investor sentiment.
📉 Key Price Drop Highlights
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24K Gold: Now trading around ₹1,00,000 per 10 grams
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22K Gold: Currently priced above ₹92,000 per 10 grams
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Silver: Priced at approximately ₹1,15,900 per kilogram
According to the bullion markets in Mumbai and Chennai, the 24-carat gold rate is hovering around ₹99,920 per 10 grams, while 22-carat gold is priced between ₹91,500 to ₹92,700 per 10 grams across cities. This is a significant shift from last Friday's rates, causing a ripple effect among both investors and retail buyers.
🧾 Why Are Gold Prices Falling?
The recent dip in gold prices has been triggered by two key global events:
1. New U.S. Trade Pact with Japan and Philippines
The announcement of a fresh trade agreement between the United States, Japan, and the Philippines has created a more optimistic global trade outlook. This development has reduced market uncertainties and led investors to pivot away from traditional safe-haven assets like gold. As a result, gold demand has declined slightly, prompting price corrections.
2. Focus on U.S. Economic Indicators
Investors are now closely monitoring upcoming U.S. economic data and central bank decisions, particularly related to:
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Unemployment rates
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Interest rate announcements
If these indicators reflect a strengthening U.S. economy, investors might prefer equities and other higher-return assets over gold. This expectation has led to cautious profit booking in the bullion market, affecting both gold and silver prices globally.
🌍 International Trends Influence Domestic Markets
India's gold prices are highly sensitive to global gold trends. Several factors come into play, such as:
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International gold rates
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Import duties and taxes
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Rupee-Dollar exchange rate
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Local demand and supply balance
With India being one of the world’s largest gold consumers—especially during wedding seasons and festivals—even minor international shifts have a major impact on domestic pricing.
📊 City-Wise Gold Rates on July 28, 2025
| City | 22K Gold (₹/10g) | 24K Gold (₹/10g) |
|---|---|---|
| Delhi | ₹91,740 | ₹1,00,070 |
| Mumbai | ₹92,540 | ₹99,920 |
| Chennai | ₹91,590 | ₹99,920 |
| Kolkata | ₹92,540 | ₹99,920 |
| Jaipur | ₹91,740 | ₹1,00,070 |
| Noida | ₹91,740 | ₹1,00,070 |
| Ghaziabad | ₹91,740 | ₹1,00,070 |
| Lucknow | ₹91,740 | ₹1,00,070 |
| Bengaluru | ₹91,590 | ₹99,920 |
| Patna | ₹91,590 | ₹99,920 |
🧠 How Is Gold Pricing Determined in India?
Gold prices in India are determined by a combination of global and local factors:
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International market trends
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Import duty and taxation policies
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Currency fluctuations (especially INR vs USD)
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Consumer demand and seasonal factors
Given the cultural and investment relevance of gold in India, these price changes significantly affect both retail buyers and traders.
📌 Conclusion: Should You Buy Now or Wait?
With gold prices experiencing a temporary dip, this could be a good entry point for buyers—especially those eyeing long-term investments or upcoming festive purchases. However, investors should closely watch global developments, U.S. economic data, and central bank cues before making major buying decisions.
Stay tuned to daily gold and silver price updates to make well-informed financial choices.
