Gold and Silver Prices Dip Again: Key Reasons Behind the Decline and City-Wise Rates

Gold prices in India continue their downward trend for the third consecutive day, reflecting ongoing pressure in the precious metals market. Silver, which had remained stable briefly, has also registered a dip today. Experts attribute this decline to easing concerns around U.S. tariff hikes, a weakened dollar index, and subdued demand in the spot market. Here's a detailed look at the market trends, factors affecting prices, and gold and silver rates in major Indian cities as of July 26, 2025.

Gold Prices Drop for the Third Consecutive Day

In New Delhi, the capital, gold prices fell once again today. The price of 24-carat gold dropped by ₹10 per 10 grams, while 22-carat gold also slipped by ₹10. Over the past three days, 24-carat gold has become cheaper by ₹1,860, and 22-carat by ₹1,710 per 10 grams.

This steady decline is linked to declining concerns about U.S. tariffs, leading investors to shy away from safe-haven assets like gold. A drop in the dollar index, now at its lowest level in over two weeks, has added to the downward momentum. Additionally, sluggish demand in the spot market has made it harder for gold prices to maintain their previous highs.

Silver Also Takes a Hit

After holding steady for a day, silver prices in Delhi have now dropped by ₹100 per kilogram. On July 26, silver is retailing at ₹1,17,900 per kg in the capital. The same trend is seen in Mumbai and Kolkata, where silver prices mirror Delhi's. However, Chennai remains an outlier, with the highest silver rate among the four metros at ₹1,27,900 per kg.

Gold Rates in Major Cities (Per 10 Grams)

Here is the latest breakdown of 22-carat and 24-carat gold prices in ten key cities across India:

Delhi:

• 22-carat: ₹92,240

• 24-carat: ₹1,00,620

Mumbai, Kolkata, Chennai:

• 22-carat: ₹92,090

• 24-carat: ₹1,00,470

Bengaluru, Hyderabad:

• 22-carat: ₹92,090

• 24-carat: ₹1,00,470

Lucknow:

• 22-carat: ₹92,240

• 24-carat: ₹1,00,620

Patna:

• 22-carat: ₹92,140

• 24-carat: ₹1,00,520

Ahmedabad:

• 22-carat: ₹92,140

• 24-carat: ₹1,00,520

Jaipur:

• 22-carat: ₹92,240

• 24-carat: ₹1,00,620

These rates highlight a relatively uniform pricing pattern across the nation, with only marginal differences based on city-specific demand and local taxes.

Why Are Gold and Silver Prices Falling?

Reduced Global Uncertainty:
Investors are now more optimistic about the resolution of trade-related tensions, especially concerning U.S. tariff policies. This has lowered the appeal of gold as a safe-haven investment.

Weaker Dollar Index:
The U.S. dollar index has fallen to its lowest level in over two weeks, reducing international demand for gold, which is dollar-priced.

Muted Spot Market Demand:
Domestic jewellers and retailers are showing less interest in fresh purchases due to the earlier surge in prices, further pulling rates down.

Profit Booking:
After recent highs, many investors are likely booking profits, leading to short-term corrections in the market.

Outlook for Investors

For gold and silver investors, the current dip might present a buying opportunity, especially for long-term holdings. However, market watchers advise caution as global economic cues remain mixed and could cause further volatility.

Conclusion

Gold and silver have both experienced a price decline today, continuing a short-term trend influenced by global market dynamics and local demand factors. Whether you're a buyer, seller, or investor, staying updated with daily rates and market trends is crucial for making informed decisions. As of now, Delhi and other metros offer a slightly more affordable entry point for those looking to invest in precious metals.