Gold Rate Today, July 28: Prices decline up to ₹1,690/ 10 gm; check 18, 22, 24 carat rate across jewellers

After gaining over the previous two days, gold prices in India fell significantly on Tuesday (July 28, 2026). According to GoodReturns.in, 24 carat gold plunged in price by ₹1,690 to ₹1,44,170 per 10 gm. 22 carat and 18 carat gold, meanwhile, fell by ₹1,550 and ₹1,260 to ₹1,32,150 and ₹1,08,130 per 10 gm, respectively.

Over the last 10 days, gold prices are hovering in the range of ₹14,300-14,650 per gm.

On July 28, 2026, gold prices per gm across major brands are as follows:

The below specified prices are taken from the respective retailer's website as around 10 am.

Joyalukkas: 24 carat gold quoted at ₹14,585 per gm, while 22 carat gold was priced at ₹13,370 per gm. Meanwhile, 18 carat gold was available for ₹10,939 per gm.

Kalyan Jewellers: 24 carat gold today is priced at ₹14,585 per gm, while 22 carat gold is available for ₹13,370 per gm. 18 carat gold was priced at ₹10,939 per gm.

India Bullion and Jewellers Association (IBJA): 999 purity gold in the evening session on July 27 traded at ₹1,44,466 per 10 gm.

Factors influencing gold rate in India

Gold prices, in line with the sentiment in international markets, were dragged lower on the MCX today. At around 10 am, gold August futures traded down 0.84%, or ₹1,203, at ₹1,41,860 per 10 gm.

Primarily, strength in the dollar, which traded near a one-month high on expectations of a likely interest rate hike at the upcoming Federal Reserve meeting (July 28-July 29), led to a pullback in gold.

Gains in the dollar render dollar-priced bullion more expensive for holders of other currencies, weighing on its demand.

Meanwhile, investors are awaiting the outcome of the crucial Fed meeting for clues on the interest rate path and inflation outlook.

According to CME FedWatch, traders anticipate a 36.3% probability of a 25 basis-point rate hike, up from 16% last week. For the September meeting, the probability of a rate hike is pegged at 81%.

Trump on Monday asked the Federal Reserve to slash interest rates, saying that the US should have the lowest interest rates globally.

On the US-Iran war front, US President Donald Trump said on Monday that the country was having "good talks" with Iran and that there was a likelihood of an agreement. Nevertheless, he cautioned that US attacks would resume if the talks failed to deliver.

In the near term, gold prices will continue to be influenced by geopolitical developments, the Federal Reserve's policy decision, and the rupee-dollar exchange rate, among other factors.