Gold Price Drops in India: 22 Carat Rates for July 11

In July, gold prices in India jumped near Rs 73,000 per 10 grams.

In July, gold prices in India jumped near Rs 73,000 per 10 grams. The current price of gold is 24-carat gold with the highest purity, costing Rs 73,190 per 10 grams, and 22-carat gold with more durability due to a slight mix of alloys costing Rs 67,090 per 10 grams.

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The cost of Silver stood at Rs 94,400 per kilogram.

On July 11, check the retail gold prices in different cities of India, (In Rs/10 grams)

Domestic prices of gold are greatly affected by the heavy reliance on imported gold in India, which closely follows the global trend. Additionally, gold has cultural importance in India, especially during festivals and weddings, and this impacts the demand level.

India’s retail gold price, which reflects the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.

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According to a Reuters report, Jim Wyckoff, senior market analyst at Kitco Metals said, "Powell did not deliver any hawkish surprises in his speech to the Senate yesterday, and that kind of assuaged the marketplace about any notions the Fed would not be able to cut interest rates yet this year,"

"If those reports come in as expected ... to show cooling inflation, then we can see the gold-silver markets continue to trade sideways to higher," Wyckoff added.

In India, gold plays a crucial role in investment and traditional weddings and festivals, holding immense cultural importance.

With these immense market fluctuations, Investors and traders monitor these dynamics.

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