News

Gold and silver prices edged higher on Thursday, buoyed by a softer US dollar and persistent global trade tensions. On the Multi Commodity Exchange (MCX), gold futures rose by Rs 247 or 0.26%, settling at Rs 96,225 per 10 grams. Silver futures also gained Rs 250 or 0.26% to close at Rs 96,711 per kilogram.

In global markets, spot gold rose 0.3% to $3,321.68 per ounce, while US gold futures were up 0.3% at $3,329.90. The uptick came as the US dollar index slipped 0.2%, making gold more affordable for overseas investors. Additionally, a retreat in US Treasury yields further supported bullion, which pays no interest.

“Gold bounced off a technical support level and also, the broader dollar declined,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

The gains in bullion prices also come against the backdrop of an escalating trade war. US President Donald Trump announced sweeping new tariffs, including a 50% duty on copper imports and goods from Brazil, South Korea, and Japan, effective August 1. Markets responded cautiously, showing signs of "tariff fatigue," as noted by analysts.

Matt Simpson, senior analyst at City Index, remarked, “The market impact of tariffs seems to lessen with each new headline. Traders need a new catalyst to awaken volatility.”

In the Fed’s latest meeting minutes, most members indicated rate cuts are more likely later this year, though a couple showed openness to an earlier move. The next policy meeting is scheduled for July 29-30.

Meanwhile, other precious metals showed mixed trends: spot silver edged up 0.2% to $36.42 per ounce, platinum slipped 0.2% to $1,345.06, while palladium gained 0.3% to $1,108.18.

Manoj Jain, Director at India Nivesh, noted the continued high volatility in gold and silver prices, impacted by both international uncertainty and domestic cues.

“Gold August futures settled at Rs 96,461 per 10 grams, marginally lower by 0.01%, while silver September contracts ended at Rs 1,07,265 per kg, down by 0.67%. Volatility is likely to persist, especially with the Fed signaling a possible rate cut by September,” Jain said.

He added that technical support levels are crucial. “We expect gold to hold above $3,240 and silver to maintain support near $35.40 on a weekly close basis. On MCX, gold is seeing support at Rs 96,100 and resistance at Rs 96,850, while silver has support at Rs 1,06,650 and resistance at Rs 1,07,950.”

The dollar index ended slightly weaker at 97.15. The USD-INR July 29 futures closed at 85.7725 with a minor gain of 0.01%. Market volatility, driven by trade talks and potential US.-India deals, is likely to keep the rupee and dollar on edge through the week.

“The rupee fell sharply in early trade but recovered as equities bounced back. Volatility in crude oil and trade-related announcements will guide the rupee’s trajectory, which may fluctuate between 85.10–86.80 this week,” Jain added.

Analysts expect bullion to remain volatile in the near term. Traders are advised to monitor trade developments, Fed commentary, and fluctuations in the dollar index closely. Buying on dips is suggested, especially around Rs 96,200 for gold, with a stop loss of Rs 95,770 and a potential target of Rs 96,900.

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 Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,840 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 9,855  per gram, with 22K gold available at Rs 9,035 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,840 per gram and 22K gold at Rs 9,020 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,840 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 9,840 per gram, while 22K gold was available at Rs 9,020 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 9,840 per gram, while 22K gold was available at 9,020 per gram.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.