Gold rates in Indiajumped sharply after the rupee weakened. On July 30th, the 24-carat gold price in 100 grams climbed by Rs 6,600 after crashing by Rs 25,100 in six consecutive days. On July 31st, key economic factors, including Fed policy outcomes, GDP data, and the unemployment rate, among others, will play a significant role in driving sentiment in precious metals such as gold and silver.
On July 30th, the price of 100 grams of gold surged by Rs 6,600, and 10 grams of gold climbed by Rs 660 in 24 carat. This comes after gold prices were down by Rs 25,100 and Rs 2,510 in 100 grams and 10 grams from July 24 to July 29.
Gold prices are now at Rs 1,00,480 per 10 grams in 24 carat, at Rs 92,100 in 22 carat, and at Rs 75,36 in 18 carat.
Meanwhile, 100 grams of gold prices stood at Rs 10,04,800 in 24 carat, at Rs 9,21,000 in 22 carat and Rs 7,53,600 in 18 carat.
Also, the price of gold in India is at Rs 10,048 per gram for 24 karat gold, at Rs 9,210 per gram for 22 karat gold and at Rs 7,536 per gram for 18 karat gold (also called 999 gold).
So far, in July 2025, gold prices are up by over 2%.
Silver rates in India also surged sharply by Rs 1,000 to Rs 1,17,000 per 1kg. 100 grams and 10 grams of silver prices are up by Rs 100 and Rs 10 to Rs 11,700 and Rs 1,170 on July 30th. The cheapest silver is at Rs 117 per 1 gram.
MCX Gold, Silver Prices:
MCX gold price, with October 2025 expiry, ended at Rs 99,009 per 10 grams, up by Rs 26 on July 30th. However, the MCX gold price with September 2025 expiry closed lower by Rs 98 to Rs 98,590 per 10 grams.
Meanwhile, MCX silver with September 2025 expiry, dropped steeply by Rs 853 or 0.75% to close at Rs 1,12,900 per 1kg.
On the surge of MCX gold with October expiry, the reason was attributed to weakness in the rupee. This bullion touched an intraday high of Rs 99,840 per 10 grams, nearing its Rs 1 lakh mark.
"Gold traded positively with gains of Rs 400 at Rs 99,500 as overnight gains in Comex gold and sharp weakness in the rupee pushed domestic prices higher. The recent rally from Rs 98,000 to Rs 99,500 has been largely rupee-driven, with limited support from Comex gold," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Gold Price Outlook On July 31:
Analyst said, "Market participants now await cues from the U.S. Federal Reserve's policy decision later tonight, along with key economic data including GDP, ADP Non-Farm Employment Change, Unemployment Rate, and Non-Farm Payrolls. Given the developments, the range for gold has shifted higher to Rs 98,500-Rs 1,01,000."
The US Federal Reserve decided to keep key fund rates unchanged once again at 4-1/4 to 4-1/2 percent, despite President Donald Trump's warnings.
FOMC said, "Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated."
Also, gold prices will be heavily influenced by the new tariffs of Trump which will take effect from August 1, 2025.
Spot Gold fell over 1% to below $3,280 per ounce on Wednesday, hitting a one-month low, after the Federal Reserve kept interest rates steady at 4.25%-4.5%, defying President Trump's calls for cuts. The decision saw dissent from governors Michelle Bowman and Christopher Waller, who argued that easing should begin due to controlled inflation and signs of labor market softening. While the Fed acknowledged elevated uncertainty and slower growth The stronger US dollar added further pressure on bullion, as investors pushed back expectations for rate cuts this year. Gold, which typically benefits from lower interest rates and heightened uncertainty, also faced headwinds from solid US GDP data showing stronger-than-expected growth in the second quarter, despite slowing investment and consumption. On the trade front, the US raised tariffs on Brazil and India and hinted at adjustments to existing deals with the EU and China, as per Trading Economics data.
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