Chennai recorded the highest rates, with 24-carat gold at ₹14,399 per gram, 22-carat gold at ₹13,199 per gram and 18-carat gold at ₹11,049 per gram.
Gold prices fell across India on Wednesday, July 1, with rates for 24-carat, 22-carat and 18-carat gold registering a decline from the previous session. Chennai continued to report the highest gold prices among the country's major cities.
Gold rates across major Indian cities
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The average price of 24-carat gold stood at ₹14,078 per gram, down ₹126. Twenty-two-carat gold was priced at ₹12,905 per gram, a fall of ₹115, while 18-carat gold declined ₹94 to ₹10,559 per gram.
Chennai recorded the highest rates, with 24-carat gold at ₹14,399 per gram, 22-carat gold at ₹13,199 per gram and 18-carat gold at ₹11,049 per gram.
In Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune, gold was priced at ₹14,078 per gram for 24-carat, ₹12,905 per gram for 22-carat and ₹10,559 per gram for 18-carat.
In Delhi, 24-carat gold was priced at ₹14,220 per gram, while 22-carat gold stood at ₹13,036 per gram and 18-carat gold at ₹10,669 per gram.
Vadodara and Ahmedabad reported identical prices, with 24-carat gold at ₹14,210 per gram, 22-carat gold at ₹13,026 per gram and 18-carat gold at ₹10,659 per gram.
Global weakness weighs on bullion
Gold prices also came under pressure in global markets on July 1 as a stronger US dollar and expectations that the US Federal Reserve would maintain a hawkish monetary policy weighed on sentiment.
Spot gold fell by more than 1% in early trade to around $3,994 per ounce before easing further to about $3,980 per ounce during Asian trading hours. The decline followed losses in June, when bullion fell by nearly 12% amid rising US Treasury yields.
The weakness was reflected in Indian futures markets. On the Multi Commodity Exchange (MCX), August gold futures were down 0.84%, trading at ₹1,41,337 per 10 grams.
Investors await US economic data
Market participants said expectations of interest rates remaining higher for longer have reduced the appeal of gold, which does not generate interest income.
Analysts noted that the $4,000-an-ounce level remains an important psychological support for the market, with some buying emerging around that level. Investors are now awaiting upcoming US employment data, which could influence the next direction of gold prices.
Published: 01 Jul 2026, 09:42 am IST
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