Gold prices were higher across India on Monday (July 27), offering fresh cues for jewellery buyers at the start of the week. Rates edged up in the retail market, while gold futures also gained, supported by a weaker US dollar after crude oil prices fell following a pause in hostilities between the US and Iran over the weekend.

The latest rates placed 24 karat gold at ₹14,586 per gram, 22 karat gold at ₹13,370 per gram and 18 karat gold at ₹10,939 per gram.

Prices varied slightly between cities. Across major cities, Chennai recorded gold prices of ₹14,508 per gram for 24K, ₹13,299 for 22K and ₹11,114 for 18K.

In Mumbai, gold was priced at ₹14,586 per gram for 24K, ₹13,370 for 22K and ₹10,939 for 18K.

In Delhi, the rates stood at ₹14,604 per gram for 24K, ₹13,385 for 22K and ₹10,954 for 18K.

Kolkata recorded ₹14,589 per gram for 24K, ₹13,370 for 22K and ₹10,939 for 18K.

In Bengaluru, gold was priced at ₹14,589 per gram for 24K, ₹13,370 for 22K and ₹10,939 for 18K.

In Hyderabad, the rates were ₹14,492 per gram for 24K, ₹13,370 for 22K and ₹10,939 for 18K.

In Kerala, gold was priced at ₹14,589 per gram for 24K, ₹13,370 for 22K and ₹10,939 for 18K.

In Pune, the rates stood at ₹14,586 per gram for 24K, ₹13,370 for 22K and ₹10,939 for 18K.

Vadodara recorded gold prices of ₹14,594 per gram for 24K, ₹13,375 for 22K and ₹10,944 for 18K.

In Ahmedabad, gold was priced at ₹14,594 per gram for 24K, ₹13,375 for 22K and ₹10,944 for 18K.

For most retail buyers, 22 karat gold remains the preferred choice for jewellery, while 24 karat gold is generally bought for investment because of its higher purity.

Global events set to shape bullion prices this week

Beyond retail rates, the market is preparing for a week packed with economic and geopolitical developments that could influence gold prices.

On the Multi Commodity Exchange (MCX), the August gold contract rose about 0.50% to ₹1,43,784 per 10 grams in morning trade on Monday.

The US Federal Reserve's interest rate decision on July 29 is expected to be the biggest trigger for bullion markets. Investors will also watch US Consumer Confidence data, Core PCE inflation, weekly jobless claims, and policy announcements from the Bank of England and the Bank of Japan.

Analysts say gold will also respond to changes in crude oil prices and developments in the US-Iran situation, both of which can influence inflation expectations and investor demand for safe-haven assets.

The market enters the week after a positive finish last week. Domestic gold futures gained about ₹2,200, or 1.6%, over the week. Analysts expect prices to remain sensitive to incoming global data and geopolitical developments in the days ahead.