Gold Rates Stabilize on July 31: 24K Prices Near ₹70,300 in Mumbai

Gold prices across India remained relatively stable on July 31, 2026, with 24-carat gold trading at approximately ₹70,310 per 10 grams in Mumbai and Kolkata. In Delhi, the rate for 24-carat gold stands slightly higher at ₹70,460, while Chennai continues to command a premium at ₹70,910 per 10 grams. For the 22-carat segment, which is popular for jewelry, prices are hovering between ₹64,450 and ₹65,000 across the four major metropolitan areas. These figures reflect a period of consolidation in the domestic bullion market following significant volatility earlier in the month.

The current price stability is largely attributed to the residual impact of the Union Budget decision to slash basic customs duty on gold and silver to 6%. This policy shift effectively lowered the entry cost for physical gold, triggering a surge in retail demand while cooling off domestic spot prices. Internationally, the yellow metal is finding support from expectations of a shift in the US Federal Reserve's monetary policy. Investors are closely monitoring US economic data, as signs of cooling inflation increase the likelihood of interest rate cuts, which typically makes non-yielding assets like gold more attractive to global buyers.

Looking ahead, market analysts expect gold prices to remain sensitive to both geopolitical developments in the Middle East and the fluctuating value of the Indian Rupee against the US Dollar. For Indian consumers, the current price levels offer a window of opportunity before the onset of the major festive and wedding seasons. While physical demand remains robust, the growth of digital gold and Sovereign Gold Bonds (SGBs) is diversifying the investment landscape. In the near term, if the Rupee strengthens, domestic gold prices may see further downward correction, providing additional relief to retail buyers across the country.