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MCX Gold Nosedives, July 25: Gold Rate Falls Rs. 4,900 Overnight After Record High; Silver Shines
Gold rate in India saw a sharp correction on the Multi Commodity Exchange (MCX), just two days after the yellow metal created a new all-time high. One of the reasons for the decline in gold prices is the heavy profit booking that occurred after the recent rally. Retail gold prices have also dropped significantly over the past two days.
Market sentiment has turned cautious ahead of the expected announcement of fresh U.S. tariffs from August 1 and potential trade deals between the U.S. and other countries. Additionally, the upcoming U.S. The Federal Reserve meeting scheduled for July 29-30 will further decide the direction of bullion prices.
MCX Gold Prices Today
This morning, the gold futures prices for August expiry were trading at Rs 98,526 per 10 grams, slipping 0.20% at the time of writing.
Silver Price on MCX
In contrast to gold prices, silver futures prices on the MXC are trading in the green zone this morning. Silver futures maturing on 5th September were standing at Rs. 115,211 per KG, gaining 0.07%.
Spot gold prices today
Gold in the international market also fell after crossing $3,400 per ounce. Spot gold eased by 0.2% to $3,360.68 in the Asian session, according to Reuters. U.S. gold futures also fell 0.3% to $3,363, while spot silver eased 0.3% to $38.96 per ounce.
"Spot gold prices ended on the negative note, losing more than 0.50%, while silver prices lost almost 0.63% yesterday. Gold prices slid below $3400 per ounce on growing optimism over trade deals between the US and its key trading partners. Spot gold is likely to face stiff resistance near $3400 and move back towards $3350 on a strong dollar and higher global treasury yields. The better-than-expected US job market has reinforced the view that the US Federal Reserve would hold its rates steady this time" as per the ICICI Commodity Research Report.
Gold Rate in India Today
The gold rate in India in the retail counters fell sharply today, which is the second day of decline. In the last two days gold prices dropped more than 17,000 per 100 g in the 24-carat segment.
As of July 25, the 24-carat gold price stood at Rs. 1,00,480 per 10 grams, falling by Rs. 490. Similarly, 22-carat gold rates today fell by Rs. 450 per 10 grams to cost Rs. 92,100. Similarly, the 18-carat gold rate plunged to Rs. 75,360 per 10 grams after falling to Rs. 370.
City-Wise Gold Rates Today
Here's the latest city-wise update on 22-carat and 24-carat gold rates as of July 25th.
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