Gold rates in India have been volatile over the past few days. On Monday, gold is likely to see cautious momentum as investors await developments around the July 9 deadline for US Liberation Day tariffs. In the early hours of July 7, the MCX gold price dropped by over 0.5%, and gold prices in retail stores of India are likely to follow the trend.
MCX Gold, Silver Prices:
At the time of writing, the MCX gold price stood at Rs 96,500, down by Rs 490 or 0.51%. The bullion was near its intraday low of Rs 96,402 per 10 grams.
Similarly, MCX silver price dropped marginally by Rs 129 or 0.12% to end at Rs 1,08,300 per 1kg. The silver touched an intraday high and low of Rs 1,08,395 to Rs 1,08,124 per 1kg.
What Will Impact Gold Prices On July 7?
"Gold prices fell back to about $3,310 per ounce while silver prices held firm at around $36.60 as traders balanced fresh trade tensions and possible policy shifts. President Trump reaffirmed that higher tariffs will hit nations without deals starting August 1, but Treasury Secretary Bessent suggested countries may get three more weeks to negotiate, reducing immediate trade risks and gold's safe-haven demand," said Rahul Kalantri, VP Commodities, Mehta Equities.
"At the same time, robust US jobs data has dampened speculation of a July Federal Reserve rate cut, further weighing on bullion sentiment as investors wait for updates on the US fiscal outlook. Gold has support at $3295-3275 while resistance at $3345-3365. Silver has support at $36.35-36.00 while resistance is at $37.00-37.30. In INR gold has support at Rs96,590-96,480 while resistance at Rs97,310-97,580. Silver has support at Rs1,07,480-1,06,550 while resistance at Rs1,09,450-1,10,200," said Kalantri.
Spot Gold Price:
On Monday, spot gold struggled to hold around $3,310 per ounce, falling to 1-week low due to weakness in demand for gold.
As per Trading Economics, the US is reportedly close to finalizing multiple trade agreements and will notify other nations of higher tariff rates by July 9, with the new rates set to take effect on August 1. This grants most affected countries a three-week window to continue discussions. Adding to the bearish tone, strong jobs data last week tempered expectations for a July rate cut by the Federal Reserve. Tariff-related inflation concerns have further reduced bets on Fed easing, with markets now pricing in just two quarter-point cuts by year-end. On the geopolitical front, the first round of indirect Hamas-Israel ceasefire talks in Qatar ended without progress, as Israel's delegation lacked the mandate to reach a deal.
Currently, 10 grams of gold prices are at Rs 98,830 in 24 carat, at Rs 90,600 in 22 carat and at Rs 74,130 in 18 carat. Furthermore, 100 grams gold prices stood at Rs 9,88,300 in 24 carat, at Rs 9,06,000 in 22 carat and Rs 7,41,300 in 18 carat.
From the current levels, 100 grams and 10 grams gold prices are away by Rs 32,800 and Rs 3,280 from hitting their all-time high of Rs 10,16,800 and Rs 1,01,680 in 24 carat.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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