Gold Prices Drop in India on July 1: Delhi Records Highest 24K Rate at ₹97,423 Despite Global Surge
New Delhi, July 1, 2025 —Gold prices in India witnessed a significant decline on Tuesday, July 1, despite international markets registering gains. Across major Indian cities like Delhi, Mumbai, Chennai, Kolkata, and Bengaluru, both 22-carat and 24-carat gold prices fell from Monday's rates, giving temporary relief to buyers amid volatile market conditions.
The dip came even as international gold rates surged, supported by a weakening U.S. dollar and increasing uncertainty over impending tariff decisions by the Trump administration ahead of the July 9 deadline. Domestically, the price of 24K gold dropped to ₹97,423 in Delhi — the highest among Indian cities — while 22K gold saw a reduction of ₹150 per 10 grams compared to the previous day.
Gold Prices in Indian Cities: July 1, 2025
Here’s the latest city-wise gold rate (per 10 grams):
| City | 22K Gold Price | 24K Gold Price |
|---|---|---|
| Delhi | ₹89,313 | ₹97,423 |
| Mumbai | ₹89,167 | ₹97,277 |
| Chennai | ₹89,161 | ₹97,271 |
| Kolkata | ₹89,165 | ₹97,275 |
| Pune | ₹89,173 | ₹97,283 |
| Bengaluru | ₹89,155 | ₹97,265 |
Among these, Delhi recorded the highest 24K rate, while Bengaluru offered the lowest prices for both 22K and 24K gold.
Day-on-Day Decline in Gold Rates
The price of 22K gold across major metros dropped by ₹150 compared to Monday, June 30. For instance:
- Delhi: Down to ₹89,313
- Mumbai: ₹89,167
- Chennai: ₹89,161
- Kolkata: ₹89,165
- Pune: ₹89,173
- Bengaluru: ₹89,155
Gold traders suggest that this drop may be temporary, as domestic markets often reflect delayed reactions to global signals and currency fluctuations.
Global Gold Prices Rise Amid Weak Dollar, Tariff Concerns
Interestingly, the domestic price drop comes even as international gold prices rose on Tuesday, reflecting rising demand for safe-haven assets. According to Reuters, spot gold increased by 0.4% to $3,315.26 per ounce, while U.S. gold futures climbed 0.6% to $3,326.50 per ounce.
Key Drivers Behind the Global Gold Surge:
-
U.S. Dollar Weakness: The dollar index slipped 0.1%, hitting a three-year low, making gold cheaper for buyers using other currencies.
-
Tariff Uncertainty: With U.S. President Donald Trump signaling dissatisfaction with trade negotiations — especially with Japan — and the July 9 tariff deadline approaching, market volatility has increased.
-
Expert View: Nicholas Frappell, Global Head at ABC Refinery, told Reuters:
“Gold is gaining support from tariff-related uncertainty and a weaker dollar, which is prompting investors to seek safety in precious metals.”
Other Precious Metals Also React to Market Sentiment
While gold gained, other precious metals showed mixed trends:
- Silver: Fell by 0.8%, trading at $35.80 per ounce
- Platinum: Dropped 0.7% to $1,343.61 per ounce
- Palladium: Rose 0.9% to $1,107.25 per ounce
The diverging trends reflect both sectoral investor behavior and underlying industrial demand for these metals.
What This Means for Indian Buyers
Despite global price gains, Indian gold buyers currently benefit from:
- A ₹150 drop in 22K rates, useful for those planning weddings or investments
- Broader availability of gold at slightly reduced prices across metros
However, analysts caution that the trend may reverse in the coming days if the rupee weakens or global prices continue their upward rally.
Should You Buy Gold Now?
According to commodity analyst Aarav Mathur from Global Bullion Advisors:
“This price correction in India is likely short-lived. With international pressure building and geopolitical risks rising, gold could rebound sharply later this month.”
Mathur advises buyers to make purchases gradually if planning for long-term investment but remain alert to rapid fluctuations.
Gold Rate Summary: July 1, 2025
- Highest 24K Rate: ₹97,423 (Delhi)
- Lowest 24K Rate: ₹97,265 (Bengaluru)
- Average 22K Rate Decline: ₹150 from previous day
- Global Spot Gold: $3,315.26/oz
- U.S. Futures: $3,326.50/oz
- USD Index: At 3-year low, down 0.1%
Key Takeaways for Readers
- Domestic gold prices dipped even as international markets showed gains.
- Delhi recorded the highest gold rate, while Bengaluru had the lowest.
- Investors are flocking to gold due to global uncertainty around U.S. tariffs.
- The price drop may be temporary, with expectations of a rebound in the coming weeks.
Written by: Mohit Singh
Staff Writer, TheTrendingPeople.com