Gold rates in India started the month of July on a strong note, with 24 carat gold prices in 100 grams skyrocketing by Rs 11,400 and 10 grams rising by Rs 1,140 on July 1st. This performance comes after gold prices crashed by Rs 34,900 in 100 grams and Rs 3,490 in 10 grams over the past 8 consecutive days. The latest surge in yellow metal can be attributed to weakness in the dollar. Gold is expected to trade steadily and continue to support prices on July 2.
On July 1st, 100 grams of gold price surged by Rs 11,400 to Rs 9,84,000 in 24 carat. Meanwhile, the price climbed by Rs 1,140 in 10 grams. This comes after gold prices crashed by Rs 34,900 in 100 grams and by Rs 3,490 in 10 grams of 24 carat from June 23 to June 30th, after Israel and Iran agreed to a ceasefire.
Meanwhile, 22-carat gold price stood at Rs 90,210 in 10 grams and at Rs 9,02,100 in 100 grams. Further, 18 carat gold prices are at Rs 73,810 in 10 grams and at Rs 7,38,100 in 100 grams.
Silver Prices In India:
Along similar lines, silver prices also saw tremendous upside on July 1. 1Kg silver is up by Rs 2,300 to Rs 1,10,000. While 100 grams and 10 grams of silver are priced at Rs 11,000 and Rs 1,100.
MCX Gold, Silver Prices:
MCX gold price, with August 2025 expiry, surged marginally by Rs 39 to end at Rs 97,290 per 10 grams. The bullion hit an intraday high of Rs 97,650 per 10 grams during July 1st trading hours.
On the other hand, MCX silver price, with September 2025 expiry, dipped by Rs 31 to Rs 1,06,682 per 1kg.
"The sentiment remains buoyant this week, driven by expectations around key US economic data, particularly the Non-Farm Payrolls, unemployment figures, and ADP non-farm employment change," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Gold Price Outlook On July 2:
Trivedi said, "With participants increasingly pricing in sustained dollar weakness, gold continues to attract safe-haven buying," adding, "Gold price range expected Rs 96,500 - Rs 97,850 & $3310, to $3375"
Furthermore, as per Trading Economics, he dollar retreated amid concerns over the ballooning US government deficit, with investors monitoring the progress of a huge tax-cutting and spending bill slowly advancing through the Senate. Meanwhile, President Donald Trump on Monday expressed frustration with US-Japan trade negotiations as Treasury Secretary Scott Bessent warned that countries could be notified of higher tariffs, despite good-faith negotiations ahead of the July 9 deadline. Additionally, expectations of interest rate cuts by the Federal Reserve later this year continued to bolster gold's appeal. Investors now look ahead to a series of US labor market reports in this holiday-shortened trading week, culminating in Thursday's non-farm payrolls data, for more clues on the Fed's policy path.
Spot gold surged to hit around $3,330 per ounce level, due to weaker dollar.
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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