Gold Rate Today, July 8: Prices continue to trend lower; check 24, 22, 18 carat rates

Gold prices continued to fall in the retail market on Wednesday (July 8, 2026) for the fourth consecutive day. According to GoodReturns.in, the price of 24 carat gold fell by ₹770 to ₹1,44,490 per 10 grams. Likewise, 22 carat and 18 carat gold also saw a drag and were down by ₹700 and ₹570, respectively, to ₹1,32,450 and ₹1,08,370 per 10 grams.

In the last four days, the price of 24 carat gold has decreased by ₹2,510 per 10 gm.

On July 8, 2026, gold prices per gm across major brands are as follows:

Joyalukkas: 24 carat gold quoted at ₹14,449 per gm, while 22 carat gold was priced at ₹13,245 per gm. Meanwhile, 18 carat gold was available at ₹10,837 per gm.

Kalyan Jewellers: 24 carat gold was priced at ₹14,525 per gm, while 22-carat gold was available for ₹13,315 per gm. Meanwhile, 18-carat gold was available at ₹10,894 per gm.

India Bullion and Jewellers Association (IBJA): 999 gold closed previous day's session at 1,44,083 per 10 gm.

Factors influencing gold rate in India

Tracking global markets, gold prices on the MCX continued to trade lower today. Gold August futures at around 9:15 am traded weak by 0.32% at ₹1,44,920 per 10 gm.

Fresh US strikes on Iran strengthened the dollar index and oil prices, fuelling concerns that inflation could result in higher-for-longer interest rates.

On Tuesday, the US launched a fresh round of attacks against Iran and cancelled a license that allowed the country to sell out, putting strain on the fragile US-Iran ceasefire.

The renewed geo-political tensions in West Asia lifted oil prices, with Brent crude last trading higher by over 2.5% at $76.07 per barrel.

Spot gold, meanwhile, regained ground and last at around 10:14 am traded higher by 0.43% at $4,123.41 per ounce. US gold futures for August delivery traded in the red, down by 0.44% at $4,138.9 per ounce.

Amid escalation in US-Iran war, traders now anticipate an over 67% probability of a rate hike by the US Federal Reserve in September, up from around 57% on Tuesday, showed the CME FedWatch tool

Higher interest rate negatively impact non-interest yielding assets, including gold.

Investors are awaiting the release of the Federal Open Market Committee's June policy meeting minutes due to be released later today.