India remains the second-largest gold consumer globally

Gold and Silver Prices on July 23, 2025: Gold Hits Fresh All-Time High in India

New Delhi – Gold prices in India surged to a fresh all-time high on Wednesday, July 23, 2025, on the Multi Commodity Exchange (MCX), marking the seventh consecutive day of gains, according to a report by GoodReturns.

Gold has gained nearly 3% this week alone, making it increasingly expensive for Indian consumers. The surge is primarily attributed to heightened geopolitical tensions and global economic uncertainties.

Riya Singh, Research Analyst – Commodities and Currency at Emkay Global Financial Services, said, “Geopolitical uncertainties, especially surrounding the U.S.’s August 1 tariff deadline, are keeping safe-haven demand for gold high.”

Spot Gold Prices

Despite the domestic rally, international spot gold prices showed a slight correction on Wednesday. According to GoodReturns, citing Reuters, the spot gold price extended its gains for the second consecutive day, rising by more than 1%, while silver prices also climbed nearly 1% on Tuesday.

ICICI Commodity Research, also quoted in the report, confirmed this upward momentum.

Gold Rate in India (as of 1:00 PM, July 23)

According to GoodReturns, the average gold prices in India stood at:

• 24-carat gold: Rs 1,02,330 per 10 grams (up Rs 104)
• 22-carat gold: Rs 93,800 per 10 grams (up Rs 95)
• 18-carat gold: Rs 76,750 per 10 grams (up Rs 78)

These rates are based on inputs from reputed jewellers across the country.

International Comparison

Meanwhile, the price of the yellow metal remains under Rs 1 lakh in major gold-consuming countries, with China — the world’s largest gold consumer — offering the lowest rate at Rs 94,030 per 10 grams of 24-carat gold.

Gold Prices in Major Indian Cities (July 23, 2025)

Silver Prices in India (as of 1:30 PM, July 23)

Silver prices also saw a significant rally on MCX. As per GoodReturns:

• Silver per gram: Rs 119 (up Rs 1)
• Silver per kilogram: Rs 1,19,000 (up Rs 1,000)

Silver Prices in Major Indian Cities (July 23, 2025)

India remains the second-largest gold consumer globally and relies heavily on imports to meet domestic demand. As a result, international developments and currency movements influence gold and silver prices in the country.