Gold Rate Crashes Today, July 7: Prices drop by Rs. 5400/100g in Bangalore, Chennai, Hyderabad; Silver Stable

Gold prices saw a sharp drop today, July 7, undergoing a sharp reversal after last week's gains. Gold rates fell by as much as Rs. 5,400 per 100 grams for 24-carat gold in major cities such as Bangalore, Chennai, and Hyderabad as the fresh week began. The sudden dip in gold prices today has caught many by surprise, especially after steady gains were seen in the previous sessions. Analysts suggest that the current correction may offer short-term selling opportunities.

City-Wise Gold and Silver Rates on July 2nd

Bangalore Gold and Silver Prices

Gold rates in Bangalore today declined sharply for 24-carat gold, which now costs Rs. 98,290 per 10 grams after slipping Rs. 540, while 22-carat is retailing at Rs. 90,100, which fell by Rs. 500 per 10 grams. Meanwhile, the 18-carat gold rate in Bangalore also declined by Rs. 410 per 10 grams to cost Rs. 73,720.

The silver rate in Bangalore today remained stable and now costs Rs 1,10,000, while per 100 grams it costs Rs 11,000.

Chennai Gold and Silver Prices

On 7th July, the 22-carat gold rate in Chennai slipped by Rs. 500 to Rs. 90,100, and the 24-carat gold price fell by Rs. 540 to Rs. 98,290 per 10 grams.

Silver prices in Chennai today also remained stable, just like in Bangalore, which is currently priced at Rs. 120,000, while 100 grams of silver costs Rs. 12,000.

Hyderabad Gold and Silver Prices

Gold prices in Hyderabad also dropped on July 7th, and 24-carat gold fell by Rs. 540 to Rs. 98,290 per 10 grams, and 22-carat gold decreased by Rs. 500 to Rs. 90,100. The 18-carat gold rate also declined by Rs. 410, standing at Rs. 73,720 per 10 grams.
Silver prices in Hyderabad today are priced at Rs. 120,000, and 100 grams of silver is retailing at Rs. 12,000.

Analysts on Gold Price Trends and Targets

As per Nirmal Bang Securities, "Gold prices are expected to correct. Traders can sell at 96800 with a stop loss of 97100 for the target at 96600-96300." the firm advised.

MCX Gold & Silver Futures Rates

On the Multi Commodity Exchange, Gold August Futures fell by 0.41% to Rs 96,590 per 10 grams. While the Silver September Futures declined today by 0.54% to Rs 1,07,844 per kg as of 11:50 PM on July 7.

According to ICICI Securities, "MCX Gold Aug is expected to hold the support of the Rs. 96,000 level and rebound towards the Rs. 97,500 level. Meanwhile, MCX Silver Sep is expected to rise towards the Rs. 109,500 level as long as it trades above the Rs. 107,200 level."

Global Gold and Silver Spot Rates

As per Reuters, "Spot gold fell 0.8% to USD 3,306.85 per ounce as of 0430 GMT. U.S. gold futures were down 0.8% at USD 3,315.70. Spot silver fell 1.1% to USD 36.52 per ounce."

"Spot Gold is expected to find support near USD 3280 level and move higher towards USD 3350 amid weak dollar. Investors will move towards the safer asset class amid rising US Govt. debt and trade deal uncertainties. Additionally, investors are worried that despite of having trade deals with major trading partners, tariffs are still going to be significantly higher than they were before,
fueling inflationary fears." As per ICICI Securities Report.

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