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Gold prices inched higher on Wednesday amid renewed global trade concerns and investor caution ahead of key U.S. inflation data. On the Multi Commodity Exchange (MCX), gold futures rose by Rs 54 or 0.06%, settling at Rs 97,265 per 10 grams. Meanwhile, silver futures slipped marginally by Rs 36 or 0.03% to close at Rs 1,11,450 per kilogram.

Globally, spot gold climbed 0.4% to $3,334.12 per ounce, while U.S. gold futures gained 0.1% to $3,340.90. The uptick came as traders absorbed hotter-than-expected U.S. consumer inflation data and turned focus to upcoming tariff decisions by the Biden administration.

"Gold at this moment is consolidating with a slight downward bias, especially with a stronger dollar," said Brian Lan, Managing Director at GoldSilver Central, Singapore. However, ongoing tariff talks between the U.S. and countries like Mexico and the European Union are keeping investors on edge, adding to gold's appeal as a safe-haven asset.

U.S. consumer prices rose by 0.3% in June, the sharpest increase in five months, with annual core inflation reaching 2.9% — up from 2.8% in May. This data dampened hopes for early interest rate cuts by the Federal Reserve, pushing the dollar index to a three-week high of 98.32.

Back home, the rupee also saw volatility, ending Tuesday at 85.8850 per dollar, down 0.16% on the NSE. The domestic equity rally and temporary geopolitical relief helped limit the rupee’s fall.

“Gold and silver extended losses after hotter U.S. inflation data and strength in the dollar index,” said Manoj Jain, Director at India Nivesh. He added that global uncertainty and rising tariffs may still support bullion at lower levels.

According to Jain, gold has support at $3,320–$3,309 and resistance at $3,350–$3,366 per troy ounce. Silver is expected to find support at $37.80–$37.40 and face resistance around $38.40–$38.70.

On the MCX, gold is supported at Rs 96,950–96,600 and capped near Rs 97,770. For silver, support lies at Rs 1,10,500–1,09,700 and resistance at Rs 1,13,000.

With the U.S. Producer Price Index (PPI) data due later today, analysts advise investors to brace for volatility. The market awaits clarity on trade developments and Fed policy direction.

While gold’s gains may be capped in the short term by a stronger dollar and bond yields, heightened geopolitical and trade risks could lend support, especially if economic uncertainty deepens.

City

24K

22K

Mumbai

Rs 9,928

Rs 9,020

Delhi

Rs  9,992

Rs 9,115

Chennai

Rs  9,928

Rs 9,020

Kolkata

Rs  9,928

Rs 9,020 

Bengaluru

Rs  9,928

Rs 9,020 

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,928 per gram, while 22-karat gold was priced at Rs 9,020 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,992  per gram, with 22K gold available at Rs 9,115 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,928 per gram and 22K gold at Rs 9,020 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,928 per gram, and 22-karat gold was selling at Rs 9,020 per gram.

Gold Price in Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,928 per gram, while 22K gold was available at Rs 9,020 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 9,928 per gram, while 22K gold was available at 9,145 per gram.

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