Gold Prices Dip Slightly in India on July 28; 24K Trades Near ₹1 Lakh, Silver Also Slips

Gold prices in India witnessed a marginal dip on Monday, July 28, with 24-carat gold hovering close to the ₹1 lakh mark per 10 grams amid global economic uncertainty. The price movement comes ahead of former U.S. President Donald Trump’s August 1 tariff deadline, which has sparked volatility in precious metal markets.

In Mumbai, 24K gold was priced at ₹1,00,070 per 10 grams, while 22K gold traded at ₹91,740. Similarly, silver saw a slight dip, trading at ₹1,15,900 per kilogram.

City-Wise Gold Rates on July 28, 2025:

Market Overview:

The minor decline in gold and silver prices aligns with global trends influenced by a weakening U.S. dollar and a drop in U.S. Treasury yields. Analysts suggest that renewed safe-haven buying, fueled by trade uncertainty and geopolitical risks, is keeping bullion demand steady.

On the Multi Commodity Exchange (MCX), gold futures (August 5 expiry) were trading marginally higher by 0.14% at ₹97,953 per 10 grams, while silver futures (September 5 expiry) remained flat at ₹1,13,094 per kg.

Global Outlook:

Internationally, investors are closely watching U.S. trade moves, especially with Trump’s upcoming tariff deadline. Speculation is rife over potential talks between Trump and Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) summit later this year. Meanwhile, the European Central Bank is expected to maintain its interest rate at 2.0%, and the U.S. Federal Reserve is hinting at possible rate cuts, which generally support gold prices.

Why Gold Prices Fluctuate in India:

Gold prices in India are influenced by global benchmarks, import duties, GST, currency fluctuations, and local demand. Traditionally considered a safe and culturally significant investment, gold demand remains robust across weddings, festivals, and volatile markets.