Gold Prices In Kolkata Climb High Amid Global Bullion Rally

Across India, gold remains a favoured investment, with the country ranking as the second-largest consumer globally, trailing only China.

A significant portion of domestic demand is met through imports, with recycled gold playing only a minor role.

Source : PTI

Gold prices in Kolkata climbed on July 12, in line with a broader rally in both domestic and global bullion markets. According to daily retail rate updates, 22-karat gold is priced at Rs 9,140 per gram, while 24-karat gold (999 purity) is selling at Rs 9,971 per gram in the city. These prices reflected strong demand for the yellow metal amid ongoing macroeconomic concerns.

Across India, gold remains a favoured investment, with the country ranking as the second-largest consumer globally, trailing only China. A significant portion of domestic demand is met through imports, with recycled gold playing only a minor role. Because gold is globally traded in US dollars, currency fluctuations directly affect local market rates. In India, factors such as import duties, GST, and regional taxes further shape the final price consumers pay.

Global Rally Lifts Bullion Sentiment

The surge in Kolkata's gold prices mirrors movements in the global market. Internationally, gold climbed 1.01 per cent to $3,358 per ounce, driven by economic uncertainty and renewed concerns over trade tariffs. Silver followed suit, jumping 2.92 per cent to $38.40 per ounce.

Domestically, gold prices also moved higher on Friday. As per the India Bullion and Jewellers Association (IBJA), 24-carat gold rose Rs 465 to reach Rs 97,511 per 10 grams. The 22-carat variety touched Rs 89,320 per 10 grams, while 18-carat gold was priced at Rs 73,133. Silver prices also spiked, gaining Rs 2,356 in 24 hours to reach an all-time high of Rs 1,10,290 per kg, breaking the earlier record of Rs 1,09,550 set on June 18.

Reserves Rise as RBI Adds to Gold Holdings

Backing this momentum, the Reserve Bank of India (RBI) reported a $342 million increase in the country’s gold reserves during the week ending July 4, taking the total to $84.846 billion. The central bank’s weekly data also showed a $39 million rise in Special Drawing Rights (SDRs) to $18.868 billion, and a $107 million jump in India’s reserve position with the IMF to $4.735 billion.

India’s total foreign exchange reserves now stand at $699.736 billion. The upward revision in gold holdings underscores sustained interest in bullion as a hedge against inflation and global volatility.

As investors continue to turn to precious metals for security, cities like Kolkata are witnessing consistent demand, with prices likely to remain elevated unless there is a major correction in global sentiment or currency strength.