Gold Prices In Kolkata Ease On July 29; 22K At Rs 9,150 Per Gram

As of July 29, the price of 22-karat gold in the city stood at Rs 9,150 per gram, while 24-karat gold (999 gold) fell to Rs 9,982 per gram.

This drop follows fluctuations seen over the past week, with market sentiment being shaped by both global cues and domestic factors.

Source : PTI

Gold prices in Kolkata dipped slightly on Monday, reflecting the trend of softening rates seen across the country. As of July 29, the price of 22-karat gold in the city stood at Rs 9,150 per gram, while 24-karat gold (999 gold) fell to Rs 9,982 per gram. This drop follows fluctuations seen over the past week, with market sentiment being shaped by both global cues and domestic factors.

India is the second-largest gold consumer after China, and most of its demand is met through imports. Because gold is priced internationally in US dollars, any movement in the rupee-dollar exchange rate directly impacts domestic rates. When the rupee weakens against the dollar, imported gold becomes more expensive, often leading to a rise in local prices — and vice versa.

Factors Behind Price Fluctuations

Aside from currency movements, gold prices in India are shaped by several domestic elements, including import duties, GST, and state-level levies. These charges are added to the base price, often creating slight variations between markets like Kolkata, Mumbai, and Chennai. The influence of these levies is significant enough to sway day-to-day pricing for jewellery buyers and investors.

Gold’s traditional role as a safe-haven asset also means it is closely tied to global economic events. Bond yields, central bank policies, and even geopolitical tensions contribute to the daily swings in gold’s value.

How Kolkata Compares to Other Cities

Prices across major cities on July 29 showed only minor variations. Delhi and Lucknow reported the highest rates at Rs 9,165 per gram for 22K and Rs 9,997 for 24K. Markets like Chennai, Mumbai, Pune, Hyderabad, and Bengaluru aligned with Kolkata at Rs 9,150 (22K) and Rs 9,982 (24K). Ahmedabad and Indore stood marginally higher at Rs 9,155 and Rs 9,987 for 22K and 24K respectively.

For buyers in Kolkata, the current dip may be seen as an opportunity to purchase before further changes occur, but analysts caution that prices will remain sensitive to upcoming economic data and currency movements.