Gold Drops Rs 1,850 Per 10g on July 24 as Iran War Fears Ease

By Huzaifa Zahoor

July 24, 2026

04:21 PM

3 min read

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Key Points

Gold fell Rs 1,850 per 10g to Rs 14,433 per gram on July 24 after three-day rally.

Silver dropped Rs 5,000 per kg to Rs 2,35,000 as profit-taking accelerated.

Brent crude stayed above $100 per barrel despite easing Iran war tensions.

Indian equities fell 0.79 percent as higher oil imports threaten inflation and rupee weakness.

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Gold and silver prices tumbled across India on July 24 after a sharp three-day rally. Twenty-four carat gold fell Rs 1,850 per 10 grams to Rs 14,433 per gram, while silver dropped Rs 5,000 per kilogram to Rs 2,35,000. The pullback came as geopolitical tensions eased, though crude oil stayed above $100 per barrel and Indian equities fell 0.79 percent on inflation concerns.

Why gold prices reversed after record highs

Gold surged Rs 968 per 10 grams on Wednesday as fears of Iran-US military escalation drove safe-haven demand. On Thursday it rose just Rs 10, signaling the rally was losing steam. By Friday, profit-taking and easing war rhetoric triggered the sharp reversal. Bullion dealers note the uptrend remains intact despite the pullback, with crude oil volatility and geopolitical risk still supporting prices.

Silver falls harder than gold on the day

Silver prices dropped more steeply than gold on July 24. One kilogram of silver fell Rs 5,000 to Rs 2,35,000, a larger percentage decline than gold’s Rs 1,850 drop per 10 grams. This reflects silver’s higher sensitivity to risk sentiment and industrial demand shifts. Twenty-two carat gold fell Rs 1,700 per 10 grams to Rs 13,230 per gram on the same day.

Crude oil and Middle East tensions still weigh on markets

Brent crude crossed $100 per barrel for the first time since May after Houthi rebels attacked two Saudi oil tankers in the Red Sea on Thursday. US President Donald Trump threatened major military punishment on Iran, though the immediate escalation fears have eased. Indian equities fell 0.79 percent as higher oil imports threaten inflation and rupee weakness. Gold remains a hedge against this uncertainty.

City-wise gold premiums shift as demand moderates

Chennai quoted the highest gold premiums on July 24, with 24-carat gold at Rs 1,47,290 per 10 grams, Rs 1,120 above the national average. Delhi followed with Rs 1,46,320 per 10 grams. These premiums reflect local jeweller demand and regional liquidity patterns. As prices stabilize, premiums may compress if selling pressure continues.

Final Thoughts

Gold’s pullback on July 24 offers a buying opportunity for investors who missed the rally, though geopolitical risk and elevated crude prices suggest volatility will persist. With crude above $100 and Iran tensions unresolved, gold remains a defensive asset despite the day’s decline.

FAQs

Why did gold prices fall Rs 1,850 on July 24?

Gold fell after a three-day rally as profit-taking set in and Iran war fears eased. Crude oil stayed above $100 per barrel, limiting the decline.

What is 24-carat gold price per gram today?

Twenty-four carat gold is Rs 14,433 per gram on July 24, down Rs 186 from July 23. Twenty-two carat gold is Rs 13,230 per gram.

Did silver fall more than gold on July 24?

Yes. Silver dropped Rs 5,000 per kilogram to Rs 2,35,000, a steeper percentage decline than gold’s Rs 1,850 per 10 gram fall.

Why is crude oil still above $100 if war fears eased?

Houthi attacks on Saudi oil tankers in the Red Sea disrupted supply fears. Brent crude crossed $100 for the first time since May despite easing immediate military escalation risks.

Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.

About Author

Huzaifa Zahoor

Co Founder

Huzaifa Zahoor is the engineer who built Meyka. He has spent years writing Python, training AI models, and building data pipelines specifically for financial markets. His technical articles have reached over 30,000 readers on Medium, so he knows how to make complex things easy to follow. If this article touches on how the tools work, he is the person who actually built them.