Gold prices extended their gains across India on Thursday, July 30, with rates increasing across all major purities amid continued interest in the precious metal. While retail prices moved higher, futures on the Multi Commodity Exchange (MCX) traded in a narrow range after the US Federal Reserve kept interest rates unchanged.

The latest retail rates show 24-carat gold (99.9% purity) at ₹14,433 per gram, up ₹82 from the previous session. 22-carat gold (91.6% purity) climbed ₹75 to ₹13,230 per gram, while 18-carat gold (75% purity) rose ₹62 to ₹10,825 per gram. 

For larger purchases, 8 grams of 24-carat gold costs ₹1,15,464, while 10 grams is priced at ₹1,44,330. A 100-gram purchase is valued at ₹14,43,300. The corresponding prices for 22-carat gold stand at ₹1,05,840 for 8 grams, ₹1,32,300 for 10 grams and ₹13,23,000 for 100 grams. For 18-carat gold, the rates are ₹86,600 for 8 grams, ₹1,08,250 for 10 grams and ₹10,82,500 for 100 grams.

Gold rates across major cities

Gold prices remained largely uniform across the country. Chennai, Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune recorded ₹14,433 per gram for 24-carat gold, ₹13,230 for 22-carat and ₹10,825 for 18-carat gold. Chennai, however, reported a higher 18-carat rate of ₹11,045 per gram.

Delhi continued to trade slightly above the national average, with 24-carat gold at ₹14,448 per gram, 22-carat at ₹13,245, and 18-carat at ₹10,840.

In Ahmedabad and Vadodara, 24-carat gold was priced at ₹14,438 per gram, 22-carat at ₹13,235, and 18-carat at ₹10,830.

MCX movement and August outlook

Gold and silver futures witnessed volatility on the MCX during early trade after the US dollar and US Treasury yields strengthened following the Federal Reserve's decision to leave interest rates unchanged.

Around 9.05 am, MCX gold August futures were almost unchanged at ₹1,41,856 per 10 grams.

Market participants are also watching developments that could influence gold prices in August. Analysts tracking precious metals say geopolitical developments in the Middle East, particularly the situation involving Iran, could affect inflation expectations, oil prices and the US dollar. A moderation in tensions could reduce inflationary pressures and support lower interest rates, factors that have historically been favourable for gold.

Others expect gold to remain within a broad trading range through August before stronger momentum potentially emerges later in the year. Investors are also likely to monitor signals from the Federal Reserve, as expectations around US interest rates continue to shape demand for non-interest-bearing assets such as gold.