Gold prices split: 24-carat rises in Mumbai, falls elsewhere

Ahmedabad quoted 24-carat at ₹15,024 per gram, down ₹90, and 22-carat at ₹14,309, down ₹85. Bengaluru recorded the steepest 22-carat drop, falling ₹94 to ₹14,306 per gram. Its 24-carat rate declined ₹99 to ₹15,021.

Hyderabad prices matched Chennai's levels exactly: 24-carat at ₹14,915 per gram and 22-carat at ₹14,205, both down by ₹90 and ₹85 respectively. Kolkata's 24-carat fell ₹89 to ₹15,073 per gram. The 22-carat variant dropped ₹85 to ₹14,355.

The split between 22-carat and 24-carat moves reflects different demand drivers. Jewellery-grade 22-carat gold tends to track wedding and festival season buying, while 24-carat is more sensitive to investment flows. International spot gold traded near $2,500 an ounce in Asian hours Monday, holding recent gains on expectations the Federal Reserve will cut rates in September. A weaker dollar and falling U.S. Treasury yields have supported bullion globally, though domestic prices also factor in rupee movement and import duties.

India imported 288 tonnes of gold in the first half of 2024, up 5% from the same period last year, according to the World Gold Council. The wedding season and approaching festival months typically lift jewellery demand. The uniform 22-carat decline may encourage retail buying at the lower entry point, several Mumbai bullion dealers said.