Gold rates in India closed the month of July on a positive note with nearly 2% upside across carats. 10 grams of gold price in 24 carat held above the Rs 1 lakh mark. Sentiments in precious metals will be driven by the new tariff implementation and upcoming US non-farm payrolls and unemployment data. MCX gold is expected to range between Rs 98,000 and Rs 99,500 per 10 grams on August 1.
Overall, the month of July turned positive for precious metals. Gold prices in 24 carat, 22 carat, and 18 carat are up by 1.7% each. During this month, gold had rallied to hit new all-time highs of Rs 1,02,330 per 10 grams in 24 carat on July 23, while the 22-carat gold price's record high was of Rs 93,800.
By the end of July 31st, price of gold in India is at Rs 10,003 per gram for 24 karat gold, at Rs 9,170 per gram for 22 karat gold and at Rs 7,503 per gram for 18 karat gold (also called 999 gold).
Furthermore, 10 grams gold price stood at Rs 1,00,030 in 24 carat, at Rs 91,700 in 22 carat, and at Rs 75,030 in 18 carat.
MCX Gold, Silver Prices:
MCX gold with October 2025 expiry, ended the month of July at Rs 98,778 per 10 grams on July 31st, up by Rs 9. This bullion's highest level was of Rs 1,01,543 per 10 grams that was recorded earlier in July.
Meanwhile, MCX silver with September 2025 expiry, also gained marginally by Rs 28 to close at Rs 1,o9,998 per 1kg. Silver's record high level is of Rs 1,16,641 per 1kg.
Gold Price In India Outlook On August 1:
"Gold prices traded in a volatile range between 99250-98750 and showed weakness after the U.S. Federal Reserve maintained a hawkish stance, signaling no intent to cut interest rates in the near term amid ongoing tariff concerns," said on Gold from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
He added, "The lack of dovish cues kept upside in check, while participants now turn their focus to Friday's U.S. Non-Farm Payrolls and Unemployment data for further direction. The expected range for gold is Rs 98,000-Rs 99,500."
Also, Sandip Raichura - CEO of Retail Broking and Distribution & Director, PL Capital said, The FOMC stance on keeping rates unchanged added to the pressure - and even though this was expected, Gold has reacted negatively. As a consequence, bulls have been on the back foot after the more than 70% rally in gold in 15 months."
"Charts indicate near term weakness in gold and as uncertainty reduces - with definitive tariff announcements being made - it's likely that Gold may falter in the near term including possibly a larger pullback to 3150-3200 USD levels / oz. With DXY strengthening in the near term, this caps upsides further," said Raichura.
PL's analyst also said that a move above 3450 would open up the metal to our longer term targets of 3700 USD, but we expect this after a downmove happens.
Spot gold stood near $3,300 per ounce on Thursday, sharply down from its historic high of $3,400, which was recorded in mid-July.
US President Donald Trump has announced a new blow on global trade deals with a 25% tariff rate on all imports from India. At the same time, countries like Mexico, Canada, Iraq, and Algeria are set to face much higher tariffs ranging from 30% to 35%.
However, after the 90-day window ended on July 9, many countries made tariff resolutions with Trump, which lowered US tariffs on exported and imported goods. Countries like the EU, South Korea, Japan, the Philippines, Indonesia, Vietnam,, and the UK will have a tariff rate of 10% to 20%.
How Will Trump's New Tariffs Impact Gold?
As per Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures, gold prices edged lower after the US Federal Reserve kept interest rates unchanged, as widely anticipated. Also, the likelihood of a rate cut in September has decreased, weighing negatively on bullion.
Despite this, Kamboj said, gold may continue to attract buying interest at lower levels, supported by strong domestic demand ahead of the festive season and ongoing purchases by global central banks. In the near term, key triggers for gold include the US personal consumption expenditure data due later today, the upcoming jobs report tomorrow, and the imposition of tariffs from the month of August.
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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