Gold rates in India have neared their record high levels, due to weakness in the dollar and signs of economic slowdown. On July 21st, gold prices reached their highest level of the current month, with a 10-gram gold price of Rs 1,00,150 in 24 carat and Rs 91,800 in 22 carat. On July 22nd, gold prices are expected to be elevated.
The 10-gram gold price stood at Rs 1,00,150 in 24-carat, while 100 grams of gold in the same carat was at Rs 10,01,500. Eight grams and one gram of 24-carat gold were priced at Rs 80,120 and Rs 10,015, respectively.
Meanwhile, 22-carat gold prices are at Rs 91,800 per 10 grams, Rs 9,18,000 per 100 grams, Rs 73,440 per 8 grams, and Rs 9,180 per 1 gram.
Furthermore, 10 grams of gold stood at Rs 75,110 in 18 carat, while 100 grams of gold in the same was at Rs 7,51,100. 8 grams and 1 gram of gold are at Rs 60,088 and Rs 7,511 respectively.
Overall, in July, gold prices are up nearly 2%. Also, these price levels are the highest of the month. The all-time high of gold rates is at Rs 1,01,680 in 24 carat, and at Rs 93,200 in 22 carat per 10 grams.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold traded positively amid a weak dollar and signs of economic moderation, which increased the probability of a rate cut by the US Fed.
MCX Gold, Silver Prices:
MCX gold price with August 2025 expiry is at Rs 99,350, registering a whopping Rs 1,326 or 1.35% surge on July 21st alone. The bullion had touched an intraday high of Rs 99,491 per 10 grams. That being said, the gold price is nearing its peak of Rs 1,01,078 per 10 grams on MCX.
Moreover, the MCX silver price with September 2025 expiry has corrected. MCX silver closed at Rs 1,15,000 per 1kg, down by Rs 45. Notably, silver is also near its record of Rs 1,15,136 per 1kg.
Gold Price Outlook On July 22:
In Trivedi's view, participants will keenly track Fed Chair Powell's upcoming speech for further cues on policy direction. Additionally, trade tariff uncertainties continue to lend support to bullion.
"Gold is likely to remain elevated with a price range seen between Rs 97,550-Rs 99,500 in the near term," he said.
Also, Hareesh V, Head of Commodity Research, Geojit Investments Limited, said, "The US President Trump's remarks helped to ease investor concerns over Powell's possible removal as Fed Chair, assisted the US currency, making gold expensive for overseas currencies. The US CPI data, also released last week, indicated rising inflation, but it was in line with expectations. This may lead the US Fed to keep rates unchanged at least for the next couple of months, which will also affected the price of the yellow metal."
Geojit's analyst added, "The most active MCX August futures contract traded inside Rs 98450-96829 per 10 grams while prices at the key London spot prices congested inside $3374-3309 an ounce level."
Spot Gold Price:
Gold prices surged past $3,390 per ounce, reaching their highest level since mid-June, as a weakening US dollar and falling Treasury yields fueled safe-haven demand amid mounting trade tensions, as per Trading Economics data.
The data added on the monetary policy front, traders are pricing in around a 60% chance of a Fed rate cut in September, amid growing speculation over potential leadership changes at the Federal Reserve and a broader reshaping of the institution.
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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