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Gold prices declined slightly on Tuesday, July 8, 2025, while silver recorded marginal gains amid renewed global trade tensions and fluctuating U.S. Treasury yields. On the Multi Commodity Exchange (MCX), gold futures fell by Rs 143 or 0.15% to close at Rs 97,127 per 10 grams. In contrast, silver futures rose by Rs 27 or 0.02%, ending the session at Rs 1,08,348 per kilogram.

Spot gold hovered around $3,330.71 per ounce, slipping 0.1% as of 0434 GMT, while U.S. gold futures remained flat at $3,340.70. Prices were largely range-bound as investors weighed safe-haven demand against higher U.S. bond yields.

The cautious sentiment follows U.S. President Donald Trump’s aggressive tariff stance. On Monday, Trump reaffirmed that from August 1, 25% tariffs would apply to goods imported from Japan and South Korea, escalating the trade war narrative. He also signaled possible 10% additional tariffs on BRICS nations, stirring further unease in global markets.

While gold typically benefits from safe-haven demand during geopolitical uncertainty, rising U.S. 10-year bond yields—hovering near a two-week high—kept upside gains in check by increasing the opportunity cost of holding non-yielding bullion.

KCM Trade Chief Market Analyst Tim Waterer said, “Traders seem relatively unfazed by Trump’s tariff letters. With safe-haven demand largely contained, gold is biding its time for a potential breakout.”

Spot silver edged up 0.1% to $36.77 per ounce. Platinum slipped 0.2% to $1,367.34, while palladium gained 0.2% to $1,113.06.

According to Manoj Jain, Director at India Nivesh, “Gold and silver came off the day’s low in a volatile session after President Trump’s tariff warning targeting BRICS nations. The domestic market closed mixed due to a weaker rupee.”

On Monday, international gold (August futures) settled at $3,342.80 per troy ounce, down 0.11%, while silver (September futures) ended at $36.905, a decline of 0.62%. In contrast, domestic gold gained 0.29% to Rs 97,270 per 10 grams, and silver slipped 0.10% to Rs 1,08,321 per kilogram.

“The rupee’s fall against the U.S. dollar supported domestic bullion prices,” Jain noted. He expects gold and silver to remain volatile this week, influenced by movements in the dollar index, U.S. bond yields, and upcoming trade deadlines.

The dollar index climbed to 97.205 on Monday, gaining 0.40%, supported by upbeat U.S. jobs data and renewed trade tensions. The USD-INR July futures contract also rose 0.58% to 85.9650.

“The rupee may remain under pressure this week due to strength in the dollar index, weakness in domestic equities, and uncertainty over U.S. trade deals,” Jain added, predicting a trading range of 85.1000–86.8000.

With geopolitical tensions rising and the Federal Reserve’s policy direction under watch, gold and silver prices are expected to remain choppy in the coming sessions. Investors are eyeing the minutes of the Fed’s June meeting, set for release on Wednesday, for cues on interest rate moves.

City

24K

22K

Mumbai

Rs 9,884

Rs 9,060

Delhi

Rs  9,899

Rs 9,075

Chennai

Rs  9,884

Rs 9,060

Kolkata

Rs  9,884

Rs 9,060 

Bengaluru

Rs  9,884

Rs 9,060 

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,884 per gram, while 22-karat gold was priced at Rs 9,060 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,884  per gram, with 22K gold available at Rs 9,075 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,884 per gram and 22K gold at Rs 9,060 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,884 per gram, and 22-karat gold was selling at Rs 9,060 per gram.

Gold Price in Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,884 per gram, while 22K gold was available at Rs 9,060 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 9,884 per gram, while 22K gold was available at 9,060 per gram.

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