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New Delhi – Gold prices in India have surged to fresh all-time highs this week, crossing the ₹1 lakh mark per 10 grams, supported by strong gains in global bullion markets and a weaker Indian rupee. The domestic market continues to witness a sharp uptick in prices, with 24-carat gold retailing between ₹10,147 and ₹10,251 per gram across major cities.
According to industry sources, prices of 24-carat gold rose by over ₹2,800 in the past week alone, driven by safe-haven demand, economic uncertainties, and a rally in international prices. On Tuesday, July 23, the price of 24K gold touched ₹1.01 lakh per 10 grams in several regions, including Delhi and Mumbai.
City-Wise Gold Rates (24K per gram)
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Delhi – ₹10,147
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Mumbai – ₹10,158
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Chennai – ₹10,097
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Kolkata – ₹10,125
(As of July 23-24, 2025; source: goodreturns.in, livemint.com)
Global Factors Behind the Surge
Gold prices internationally have surged above $3,425 per ounce, supported by geopolitical tensions, slowing global economic growth, and expectations of prolonged accommodative monetary policy in key economies. Analysts also point to a softening U.S. dollar and falling treasury yields as major tailwinds for gold.
Adding to domestic pressure, the Indian rupee has weakened against the U.S. dollar, making imported gold more expensive. India, being one of the largest gold importers globally, is highly sensitive to currency fluctuations in its bullion pricing.
Investor Sentiment & Market Forecast
The bullish momentum has sparked strong interest among investors and traders, although it has made traditional jewellery purchases more expensive. HSBC recently revised its average gold forecast to $3,215/oz for 2025, indicating sustained upside potential.
However, rising prices have caused some slowdown in jewellery demand ahead of the upcoming festive season. According to trade insiders, gold imports in June 2025 fell by nearly 40% year-on-year, as dealers in India began offering discounts of up to $10/oz to revive consumer interest.
“High prices may keep retail jewellery sales subdued in the short term, especially in rural markets,” said a leading bullion dealer in Zaveri Bazaar, Mumbai.
Short-Term Outlook
Market analysts expect gold to trade within the ₹95,500–₹99,900 per 10-gram range in the coming week, with potential to breach ₹1.05 lakh in the next few months if current momentum holds.
Key indicators to watch:
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Global central bank decisions, especially U.S. Fed policy
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Inflation trends
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INR/USD exchange rate
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Festive and wedding season demand in India
Retail Advice
Experts suggest that investors looking for long-term stability can still consider gold, especially via systematic investment in Sovereign Gold Bonds (SGBs) or digital gold. On the other hand, jewellery buyers may prefer to wait for a slight price correction or explore lightweight alternatives.
Gold Trends at a Glance:
| Segment | Trend |
|---|---|
| 24K Spot Price | ₹1,01,000 per 10 gm (avg.) |
| Weekly Gain | ~₹2,800 |
| Outlook (1-week) | ₹95,500–₹99,900 |
| Long-Term Forecast | ₹1,05,000–₹1,10,000 |
| Global Price | ~$3,425/oz |
As global uncertainties persist and domestic demand shifts with the festive calendar, the gold market in India is poised for continued volatility, making it a crucial asset class to monitor in the coming quarters.
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