Kolkata Gold Rates Edge Higher On July 8 Amid Global Market Trends

In Mumbai, Chennai and Pune, the rates for 22-karat and 24-karat gold matched those in Kolkata. Ahmedabad, however, saw higher prices at Rs 9,065 per gram for 22-karat gold and Rs 9,889 for 24-karat.

Global central banks have been aggressively buying gold in recent years, with 2024 alone seeing purchases worth $84 billion, nearly equivalent to the total gold buying activity from 2000 to 2016.

Source : PTI

Gold rates in Kolkata climbed modestly on Tuesday, with the price of 22-karat gold recorded at Rs 9,060 per gram and 24-karat gold (commonly referred to as 999 gold) priced at Rs 9,884 per gram, according to data from Goodreturns. The steady pricing comes amid broader weakness in the bullion market, driven by global cues and easing safe-haven demand.

Across other major Indian cities, a similar pricing trend was observed. In Mumbai, Bengaluru, Chennai and Pune, the rates for 22-karat and 24-karat gold matched those in Kolkata. Ahmedabad, however, saw slightly higher prices at Rs 9,065 per gram for 22-karat gold and Rs 9,889 for 24-karat. In Delhi, the rates stood higher still, at Rs 9,075 per gram and Rs 9,899 per gram for 22K and 24K gold, respectively.

Gold Prices On Monday

On July 7, gold prices in the national capital fell sharply by Rs 550 to Rs 98,570 per 10 grams, following a muted trend in international markets and cautious investor sentiment. The All India Sarafa Association reported that 99.9 per cent pure gold had previously settled at Rs 99,120 per 10 grams on Saturday, showing a Rs 100 gain over Friday’s close. Meanwhile, 99.5 per cent pure gold dropped Rs 500 to Rs 98,100 per 10 grams.

Silver remained unchanged for the second consecutive session, trading at Rs 1,04,800 per kilogram. According to bullion traders, profit-booking at elevated price levels and subdued seasonal demand contributed to the recent downturn. Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, noted, “Gold resumed trading on a weaker note, affected by the recovery of the US dollar and diminishing expectations for an interest rate cut following stronger-than-expected US job market data.”

Central Banks Drive Global Gold Demand Amid Shifting Reserves

Despite the near-term dip, long-term fundamentals remain strong. Global central banks have been aggressively buying gold in recent years, with 2024 alone seeing purchases worth $84 billion, nearly equivalent to the total gold buying activity from 2000 to 2016. DSP Mutual Fund’s July 2025 Netra report highlighted that since 2022, central banks have consistently acquired about 1,000 tonnes of gold each year, representing over a quarter of annual global mining output.

The report also underlined that India holds 15 per cent of the world’s $23 trillion gold market. While the Reserve Bank of India currently holds 880 metric tonnes of gold, it has not added to its reserves in FY26, potentially awaiting a correction after a steep five-year rally driven by geopolitical tensions and trade uncertainty.