Gold Rate In India Crashes By Rs 3,300 For First Time In Five Days; Will Trend Continue On Friday, July 24? Latest 24K, 22K, 18K Gold Prices

Gold rates in India crashed for the first time in five days on July 23rd, with 24-carat gold price falling by at least Rs 3,300 in 100 grams and by Rs 330 in 10 grams. Precious metals dropped due to sharp surge in crude oil prices, which heightens inflationary concerns and rate hike possibility. Will the trend continue on Friday, July 24, 2026?

24 carat gold price crashed by Rs 3,300 in 100 grams to Rs 14,61,800 and dropped by Rs 330 to Rs 1,46,180 per 10 grams. While gold price in 22 carat slipped by Rs 3,000 to Rs 13.40 lakh per 100 grams and dropped by Rs 300 to Rs 1.34 lakh. In case of 18 carat, 10 grams gold fell by Rs 240 to Rs 1,09,640 and 100 grams gold plunged by Rs 2,400 to Rs 10,96,400.

This is the firs decline since July 18, 2026, in gold rates. And the reason is rising crude oil prices which escalates the chances of rate hike from US Federal Reserve. A rate hike makes US dollar stronger, and in reverse, dampens sentiment for non-yielding assets like gold and silver.

The Iran-backed Houthis said they had targeted two Saudi oil tankers as part of a naval blockade, raising concerns over a potential new chokepoint for global oil supplies. Meanwhile, the US carried out a 12th consecutive night of strikes on Iran, prompting further retaliation and intensifying fears of prolonged disruptions to Gulf energy exports. Higher oil prices have reinforced inflation concerns, leading investors to expect the Fed to keep monetary policy tighter for longer, a backdrop that typically weighs on non-yielding assets such as gold. Money markets are currently pricing in roughly a 78% probability of a Fed rate hike in September, as per Trading Economics.

Currently, US WTI Crude oil gained by 5% to hit $91 per barrel and Brent Crude which surged over 6% to reclaim $100 per barrel. Meanwhile, US dollar zoomed to trade above 101.40, which is highest level in three weeks.

What Will Impact Gold Rates In India On Friday?

“Gold prices witnessed profit booking after a sharp 4% rally over the past three to four trading sessions. COMEX Gold faced strong resistance near $4,150, while MCX Gold encountered selling pressure around Rs1,46,000, prompting investors to book profits at higher levels,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

Furthermore, Prithviraj Kothari, President of India Bullion and Jewellers Association said, gold ($4,100) and Silver ($60) are under pressure as rising U.S. Treasury yields – now at a 17-month high – reflect growing bets on a September Fed rate hike, with markets pricing a 77% probability. Rising oil prices, driven by Iran tensions and a Houthi threat that forced Saudi oil tankers to reroute in the Red Sea, are stoking inflation fears.

Going ahead, Trivedi said, despite the correction, the broader trend remains constructive, with the market now awaiting fresh triggers from crude oil prices, the US Dollar Index, and the US Federal Reserve’s policy decision on 29 July. Technically, Rs1,40,000 remains a strong support level for MCX Gold, while the expected trading range over the coming sessions is Rs1,40,000-1,47,000.”

While IBJA President highlighted that the ECB, Fed, Bank of Japan, and Bank of England all have upcoming rate decisions, adding uncertainty. Technically, Gold’s key levels are $4,000 and $4,200, while Silver watches $55 and $63, determining whether prices fall further or rally.

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