Gold Prices Plummet: Dollar Surge Triggers Sell-Off

Gold prices saw a significant drop on July 24, 2026, across major cities, driven by a concurrent surge in the US dollar and crude oil prices. This global trend in precious metals was characterized by substantial selling pressure.

Analysts attributed the decline to a stronger US dollar and rising Treasury yields. Renewed geopolitical uncertainty, particularly speculation surrounding potential military actions against Iran, bolstered the dollar and oil prices, pushing the US 10-year Treasury yield to an 18-month high.

Additional pressure stemmed from robust US labor market data, which indicated a fall in initial jobless claims. This reinforced market expectations that the Federal Reserve would maintain its higher interest rate policy for an extended period, with probabilities of rate hikes in September and December remaining high.

Specific rates showed 22-carat gold falling to Rs 13,275 per gram, while 24-carat gold was priced at Rs 14,482 per gram, and 18-carat gold at Rs 10,861 per gram. Various jewelers like Tanishq, IBJA, Kalyan, Malabar, and Joyalukkas reported similar downward trends across different purities of gold.