Gold Prices Drop Rs 750 per 10 gm on US-Iran Ceasefire

Mumbai, July 28: Gold Rates in India dropped further on Tuesday, extending losses across all popular purities as investors cheer Iran-US ceasefire holding beyond Monday. As of 11.30 am on Tuesday, national average gold rates are Rs 1,44,170 for 24 karat gold, Rs 1,32,150 per 10 grams for 22 karat gold and Rs 1,08,130 per 10 grams for 18 karat gold.  

The benchmark yellow metal’s rates fell by Rs 750 in 24K gold, Rs 690 for 22K gold and Rs 560 for 18K gold from Monday’s Rs 1,44,920, Rs 1,32,840 and Rs 1,08,690 levels per 10 grams respectively. Gold was on a downward trajectory on Tuesday after rising to record highs last Wednesday, dipping Rs 2,000-plus cumulatively across 24K, 22K and 18K rates since then.  

Gold prices plunged on Tuesday as safe-haven demand eased after United States and Iran agreed to continue their fragile ceasefire into a second day Monday evening. Tehran appeared to probe the limits of the agreement with reports of drones flying towards neighbouring countries. Gold investors also look to a slightly firmer dollar index as pressure on prices Monday.  

“A continued correction in gold prices can’t be ruled out unless there is a fresh trigger. In absence of any negative development, Iran-US tension might simmer down but we can’t rule out Iran responding sharply to any action by US against them,” said a Mumbai-based bullion dealer when asked about the short-term outlook for gold. Both Washington and Tehran will need to provide further clarity on whether the ceasefire will continue if it is to have any meaningful impact on gold prices. Global spot gold also traded softer during Tuesday’s Asian session.  

City-wise Gold Rates  

Gold rates provided by Goodreturns.in are based on per gram rates quoted by jewellers surveyed by the portal. We have converted those rates to per 10 gram rates here to allow for easier comparison. The chart shows city-wise gold rates across 24K, 22K and 18K gold. As has been the case in recent months, Chennai continues to see the highest premium, especially in the case of 18 karat gold. Monday’s rate of Rs 1,08,130 per 10 grams for 18 karat gold was the national average but Chennai’s rate was Rs 1,10,300 per 10 grams, a premium of Rs 2,170 over gold priced elsewhere in the country.  

Chennai also quotes a slightly higher than national average for 24 karat gold as well at Rs 1,44,160 and Rs 1,32,150 for 22 karat gold. Delhi has the highest rates when it comes to 24 karat and 22 karat gold in the country at Rs 1,44,320 and Rs 1,32,300 per 10 grams respectively. Delhi’s rates for 18 karat gold are also slightly higher than the national average at Rs 1,08,280 per 10 grams.  

Ahmedabad and Vadodara trade at a slightly higher premium over Delhi but a lower premium over the national average, with rates at Rs 1,44,220 per 10 grams for 24 karat gold, Rs 1,32,200 per 10 grams for 22 karat gold and Rs 1,08,180 per 10 grams for 18 karat gold. Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune all trade at flat premium against the national average prices quoted at the top of this report. For these cities too, the gold rates per 10 grams are Rs 1,44,170, Rs 1,32,150 and Rs 1,08,130 for 24 karat gold, 22 karat gold and 18 karat gold respectively. Traders advise buyers and sellers to check live gold rate as it changes during the day and ask the jeweller for the final price including making charges and GST before making a purchase or sale.  

Strong physical demand has supported jewellery gold purchases at the retailing level over the past week, a bullion dealer said. Buying during India’s wedding season continues to support demand even as gold prices have risen by more than 20 per cent so far this year. The longer-term technical charts also suggest that the recent correction is likely to be temporary.  

Gold’s uptrend has remained intact through recent weeks volatility, as Monday’s pullback was unable to pierce supports at $1,900/oz. A pick-up in Iran-US tensions, or dovish commentary from the Federal Reserve would likely trigger a quick reversal higher in gold prices. Remember that you’re liable to pay GST for purchases over 2 grams. This is at 3 per cent of the cost of the gold and is in addition to making charges.  

While making charges for cheaper jewellery start from a few hundred rupees, they can go up to several thousand for intricate jewellery or pieces with higher weightage of gold.  

For those planning to invest instead of buying physical gold, you can also check the list of Gold ETFs in India: https://hdfcsky.com/etf/gold-etf

10 Gram Gold Rates Across Major Indian Cities — Tuesday, July 28, 2026 

Source

•  goodreturns.in