Gold up 1.6%, silver down 2.3% in July 2026

A quiet month at a low level

After the two worst months in our series, March and June, July 2026 was calm. Gold rose 1.60%, from ₹1,22,601 per 10 grams to ₹1,24,564. Silver fell 2.26%, from ₹1,81,261 to ₹1,77,169 per kg.

All prices are the international price (the COMEX futures close) converted to rupees at each day's dollar rate, the series on our gold and silver price page. Gold is for pure metal, and both are before import duty and GST.

The narrowest month of the year

Gold traded on 22 sessions and never strayed far. Its low was ₹1,22,499 on 13 July, a little above June's low of ₹1,22,027, and its high ₹1,28,447 on 22 July. From low to high that is 4.9%, the narrowest range of any month in 2026.

Silver was calm by its own standards too, but it drifted lower. It lost 4.55% on 8 July and 3.70% on 13 July, and on 16 July closed at ₹1,73,424, its lowest close since 8 December 2025.

Gold's biggest moves came back to back: a 2.68% fall on 13 July and a 2.64% rise the next day.

The year so far

Seven months in, gold is almost exactly where it began the year, down 0.22%. Silver is down 12.47%.

Measured from the top, gold ended July 20.9% below its peak of ₹1,57,381 (29 January) and silver 47.7% below its peak of ₹3,38,545 (26 January).

A year back is still a long way down. Gold is 34.1% above its level on 31 July 2025 (₹92,871), and silver 71.9% above (₹1,03,080).

Equities, the rupee and the ratio

The Nifty 50 rose 2.17% in July, from 23,865.75 to 24,383.60. Gold's 1.60% gain was in the same direction for once, though smaller.

The dollar rose 0.94% against the rupee, from about ₹94.79 to ₹95.68. A weaker rupee lifts the rupee price of metals, so more than half of gold's July gain was currency: in dollar terms it rose only about 0.7%. Silver fell about 3.2% in dollars.

The gold-silver ratio climbed from 67.64 to 70.31. On 17 July it touched 71.61, the highest since 8 December 2025. In January it had been as low as 44.14. Silver has spent six months giving back its lead over gold.

The first session of August, 3 August, left gold at ₹1,23,724 and silver at ₹1,76,879.

What this does not tell you

A calm month after a crash is not a floor. Narrow ranges have come and gone all year; April and May were quiet too, before June's 12.9% fall in gold.

Part of the rupee price is the rupee. In July the currency did more for gold's rupee price than the metal itself.

Spot is not what you pay. Gold and silver funds and ETFs track the domestic price, which includes import duty, and carry an expense ratio.

Where to go from here

The gold and silver price page has today's rates and both charts. For June's fall and the first half as a whole, see gold and silver in June 2026. For a fund that holds gold alongside equities and debt, see multi-asset allocation fund returns.

On how much metal belongs in a portfolio, read debt and gold as shock absorbers.