Gold and silver prices rose on Thursday, plagued by softer US dollars and enduring global trade tensions. At the Multi Commodity Exchange (MCX), gold futures rose 247 rupees or 0.26%, settling at Rs 96,225 per 10 grams. Silver Futures also won 250 or 0.26%, closing at Rs 96,711 per kilogram.
In the global market, Spot Gold rose 0.3% to $3,321.68 per ounce, while US gold futures rose 0.3% to $3,329.90. When the US Dollar Index slipped 0.2%, gold became more affordable for foreign investors, resulting in an upward trend. Furthermore, the retreat of the US Treasury will provide more favored bullion, which will not pay interest.
Nicholas Frappel, world head of the ABC refinery’s institutional market, said:
The profits on bullion prices come against the backdrop of an escalating trade war. US President Donald Trump announced new tariffs on August 1, including the imports of copper from Brazil, South Korea and Japan and 50% obligation on goods, showing signs of “tax fatigue,” as analysts have pointed out.
“The market impact of tariffs appears to decrease with every new headline. Traders need a new catalyst to wake up,” said Matt Simpson, senior analyst at City Index.
The Fed’s latest meeting minutes showed that rate cuts were likely to be achieved later this year, but the couple showed openness to previous moves. The next policy meeting is scheduled for July 29th-30th.
Meanwhile, other precious metals showed a mixing trend. Spotsilver rose 0.2% per ounce to $36.42, while platinum slipped 0.2% to $1,345.06, and palladium rose 0.3% to $1,108.18.
Domestic and global trends
Manoj Jain, director of Naibush, India, focused on the continued volatility of gold and silver prices, affected by both international uncertainty and domestic clues.
“Gold’s August futures remained at Rs 96,461 per gram, down just 0.01%, while silver’s September contract ended at Rs 1,07,265 per kg, down 0.67%.
He added that the technical support level is extremely important. “We expect gold to stay above $3,240 and Silver will maintain support of nearly $35.40 per week. At MCX, gold will support at Rs 96,100 and resist at Rs 96,850, while silver will support at Rs 1,06,650 and resist at Rs 1,07,950.”
The dollar index closed slightly weakly at 97.15. USD-inr Futures closed at 85.7725 on July 29th with a small profit of 0.01%. Market volatility resulting from trade consultations and potential US transactions could potentially maintain the rupee and dollar for up to a week.
“The rupee fell sharply in early trade, but recovered as stocks bounced. The volatility in crude and trade-related announcements will guide the trajectory of rupee, which could fluctuate between 85.10 and 86.80 this week,” Jain added.
Analysts hope that bullion will remain unstable in the short term. Traders are advised to closely monitor trade development, Fed commentary, and dollar index fluctuations. Purchases at dip are particularly around Rs 96,200 in gold, with a suspension loss of Rs 95,770 and a potential target of Rs 96,900.
Gold prices per city (per gram on July 10, 2025):
|
city |
24k |
22k |
|
Mumbai |
Rs 9,840 |
Rs 9,020 |
|
Delhi |
Rs 9,855 |
Rs 9,035 |
|
Chennai |
Rs 9,840 |
Rs 9,020 |
|
Kolkata |
Rs 9,840 |
Rs 9,020 |
|
Bengaluru |
Rs 9,840 |
Rs 9,020 |
Gold Prices in Mumbai:
In Mumbai, the price of 24 carat gold was Rs 9,840 per gram, while the price of 22 carat gold was Rs 9,020 per gram.
Gold Prices in Delhi:
The capital recorded 24K gold at Rs 9,855 per gram, while 22K gold was available for Rs 9,035 per gram.
Gold Prices in Chennai:
Chennai’s gold rate was slightly lower, with 24K gold at Rs 9,840 per gram and 22K gold at Rs 9,020 per gram.
Gold Prices in Kolkata:
In Kolkata, 24 carat gold was priced at Rs 9,840 per gram, while 22 carat gold was sold at Rs 9,020 per gram.
Gold Prices in Bengaluru:
Bengaluru saw a 24k gold trade at Rs 9,840 per gram, while 22k gold was available for Rs 9,020 per gram.
Gold Prices in Pune:
Pune saw a 24k gold trade at Rs 9,840 per gram, while 22k gold was available at 9,020 per gram.
