Gold Prices Drop In Chennai On July 26; 24K Gold Slides To Rs 9,993

The dip reflects a softening trend seen in most Indian markets, influenced by a mix of global cues and local economic factors.

Even as prices slipped, Chennai’s buyers continue to view gold as a cornerstone investment, ensuring steady demand despite daily fluctuations.

Source : PTI

Gold rates in Chennai declined on Saturday (July 26), as part of a broader fall in prices across India. In the city, 22-karat gold settled at Rs 9,160 per gram, while 24-karat gold — the higher purity version often referred to as 999 gold — eased to Rs 9,993 per gram.

The dip reflects a softening trend seen in most Indian markets, influenced by a mix of global cues and local economic factors. India remains the world’s second-largest consumer of gold after China, and with the bulk of its demand met through imports, even minor changes in international pricing or currency levels ripple quickly through the domestic market.

Why Prices Are Easing in Chennai

Unlike the routine narrative of gold as a safe haven, this week brought signs of short-term price relief. Analysts point to subtle strengthening of the rupee against the US dollar, which makes imports cheaper and helps moderate retail rates. This currency effect, coupled with slightly calmer global commodity markets, set the tone for lower prices in Chennai.

Domestic pricing layers also contributed to the adjustment. Import duties, Goods and Services Tax (GST) and state-level charges form part of the final bill for buyers, meaning any change in one factor can tilt prices either way. This multi-tiered structure often amplifies the reaction of Indian markets to international developments.

Chennai in the National Price Picture

Chennai’s rates on July 26 mirrored those in Mumbai, Bengaluru, Hyderabad, Pune and Kolkata, where 22K gold was also listed at Rs 9,160 and 24K at Rs 9,993. Delhi and Lucknow were the outliers, posting slightly higher figures of Rs 9,175 for 22K and Rs 10,008 for 24K. Meanwhile, Ahmedabad and Indore reported mid-range levels, with 22K at Rs 9,165 and 24K at Rs 9,998.

Even as prices slipped, Chennai’s buyers continue to view gold as a cornerstone investment, ensuring steady demand despite daily fluctuations.