Gold prices in India declined across all major metropolitan markets on July 24, with spot rates for both 22-carat and 24-carat gold falling in cities including Mumbai, Delhi, Chennai, and Bengaluru.
The broad-based retreat marks a continuation of the downward trend that has gripped the domestic precious metals sector over the past week.
The domestic price action contrasts with the World Gold Council’s recent upward revision of its 2026 target to $4,100, which cited shifting global sentiment and central bank buying.
The decline affected both purity grades uniformly, signaling broad-based selling pressure rather than isolated demand shifts.
Local dealers reported softer retail interest, with buyers waiting for further price corrections before committing to purchases.
This follows a similar pullback observed on July 17, when rates dropped across the same key urban centers.
The domestic price action contrasts with the World Gold Council’s recent upward revision of its 2026 target to $4,100, which cited shifting global sentiment and central bank buying. However, local currency fluctuations and import duty structures often decouple Indian spot prices from international benchmarks in the short term.
The recent dip suggests that local supply-demand dynamics are currently outweighing global bullish signals.