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Gold and Silver Prices Today, July 9, 2025: Gold prices dipped to a one-week low on Wednesday, weighed down by a stronger US dollar and rising Treasury yields, while uncertainty over fresh US tariffs further dampened investor sentiment. Meanwhile, silver managed modest gains on the Multi Commodity Exchange (MCX).

On the MCX, gold futures fell by Rs 247 or 0.26%, settling at Rs 96,225 per 10 grams. In contrast, silver futures rose by Rs 115 or 0.11% to end the session at Rs 1,08,100 per kilogram.

In global markets, spot gold dropped 0.2% to $3,295.03 per ounce (as of 0435 GMT), after touching its lowest level since June 30. US gold futures slipped further by 0.4%, closing at $3,303.20 per ounce.

The decline in gold prices followed remarks from US President Donald Trump, who announced a 50% tariff on imported copper and signaled forthcoming levies on semiconductors and pharmaceuticals. Trump also reiterated his earlier threat of imposing 10% tariffs on BRICS nations, while notifying 14 countries—including Japan and South Korea—of tariff hikes set to take effect on August 1.

The US dollar index rose 0.2% after hitting a two-week high late Tuesday, while benchmark 10-year US Treasury yields remained close to a three-week high. A firmer dollar typically makes dollar-priced commodities more expensive for non-dollar buyers, while higher yields raise the opportunity cost of holding non-yielding assets like gold.

Edward Meir, analyst at Marex, noted that the months-long rally in gold has now broken down under pressure from the strengthening dollar and elevated Treasury yields.

“Gold and silver plunged due to long unwinding by traders amid Trump’s tariff uncertainty and a rebound in the dollar index. Volatility remains high.”

He added that August gold futures on the MCX had closed at Rs 96,472 per 10 grams on Tuesday, down 0.82%, while September silver futures settled at Rs 1,07,985 per kilogram, down 0.31%.

“Profit-booking ahead of the FOMC meeting minutes and tariff jitters kept traders on edge,” Jain said.

Still, some support for precious metals could come from macroeconomic developments. The New York Fed's latest survey showed a stable inflation outlook, with one-year inflation expectations falling to 3% from 3.2% in May, and three- and five-year estimates holding steady.

Silver mirrored some of gold's volatility. Spot silver dropped 0.7% to $36.53 per ounce globally, while platinum and palladium also declined—down 1.2% and 0.8% respectively.

Looking ahead, Jain expects continued volatility in both gold and silver prices, influenced by the release of the US Federal Reserve’s June policy meeting minutes and ongoing trade tensions.

“We expect gold to hold support at $3,240 and silver near $35.40 per ounce this week. On MCX, gold has support at Rs 96,000–95,550 and resistance at Rs 96,850–97,200. Silver has support at Rs 1,07,200–1,06,650 and resistance at Rs 1,08,850–1,09,500,” he said.

Traders are advised to consider buying silver on dips near Rs 1,07,400 with a stop-loss at Rs 1,06,650 for a target of Rs 1,08,800–1,09,400.

On the forex front, the dollar index traded steadily on Tuesday, closing slightly lower at 97.152. The USD-INR July 29 futures settled at 85.7625, down 0.24%. While the rupee showed some recovery on the back of domestic equity rebound and potential trade resolutions, gains were capped due to firm crude oil prices and rising US bond yields.

Analysts expect the rupee to remain volatile in the 85.10–86.80 range this week amid fluctuating global cues, equity market trends, and the August 1 tariff deadline.

City

24K

22K

Mumbai

Rs 9,818

Rs 9,060

Delhi

Rs  9,833

Rs 9,015

Chennai

Rs  9,818

Rs 9,060

Kolkata

Rs  9,818

Rs 9,060 

Bengaluru

Rs  9,818

Rs 9,060 

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,818 per gram, while 22-karat gold was priced at Rs 9,000 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,833  per gram, with 22K gold available at Rs 9,015 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,818 per gram and 22K gold at Rs 9,000 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,818 per gram, and 22-karat gold was selling at Rs 9,000 per gram.

Gold Price in Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,818 per gram, while 22K gold was available at Rs 9,000 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 9,818 per gram, while 22K gold was available at 9,000 per gram.

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