Gold prices in India saw minor movement on Wednesday, July 3, following a day of decline. As of 11:00 AM IST, the Multi Commodity Exchange (MCX) quoted gold at ₹97,480 per 10 grams for 24-carat purity, reflecting a 0.040% increase from the previous session.
The uptick comes at a time when global economic sentiment remains cautious, especially in light of developments around the upcoming US-India trade deal. President Donald Trump recently stated that a bilateral agreement between the two nations would soon be finalized, with a focus on reducing tariffs. This has led to a ripple effect in commodity markets, especially in precious metals.
MCX and Bullion Gold Prices Across Major Cities
Across major Indian cities, gold and silver prices vary slightly due to local taxes and market demand. Here’s a snapshot of current rates:
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Kolkata:
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Gold Bullion: ₹97,430 / 10g
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MCX Gold: ₹97,070 / 10g
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Silver Bullion: ₹107,170 / kg
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MCX Silver 999: ₹1,200 / 10g
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Mumbai:
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Gold Bullion: ₹97,590 / 10g
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MCX Gold: ₹96,020 / 10g
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Silver Bullion: ₹107,380 / kg
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MCX Silver 999: ₹1,200 / 10g
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Hyderabad:
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Gold Bullion: ₹97,750 / 10g
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MCX Gold: ₹95,180 / 10g (lowest MCX price among cities)
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Silver Bullion: ₹107,520 / kg
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MCX Silver 999: ₹1,200 / 10g
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New Delhi:
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Gold Bullion: ₹97,400 / 10g
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MCX Gold: ₹96,230 / 10g
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Silver Bullion: ₹107,010 / kg
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MCX Silver 999: ₹1,200 / 10g
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Chennai:
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Gold Bullion: ₹97,860 / 10g (highest bullion price)
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MCX Gold: ₹95,180 / 10g
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Silver Bullion: ₹107,510 / kg
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MCX Silver 999: ₹1,200 / 10g
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Bengaluru:
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Gold Bullion: ₹97,660 / 10g
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MCX Gold: ₹96,390 / 10g (highest MCX price among cities)
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Silver Bullion: ₹107,290 / kg
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MCX Silver 999: ₹1,200 / 10g
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Silver Prices Dip Slightly
Silver saw a modest decline in early trade. As of 10:40 AM IST, MCX silver was priced at ₹106,500 per kilogram, down by 0.270% from the previous session. Bullion silver was quoted at ₹107,310 per kg.
What’s Driving Gold and Silver Prices?
The slight fluctuation in gold and silver prices is largely attributed to global cues. With the July 9 deadline approaching for a potential shift in US tariff policies, especially concerning India, precious metals are experiencing minor but frequent price shifts.
Additionally, traders are watching for the outcome of the ongoing India-US tariff talks, which could directly affect commodity pricing. Any significant breakthrough or deadlock in the negotiations could reflect on gold and silver rates in the days ahead.
Market analysts have advised investors to keep a close watch on international developments. The metal market is expected to remain slightly volatile this week, with possible upward movement if tariff relaxations are formally announced.
(Disclaimer: This article is for informational purposes only and should not be construed as an investment advice. Prior to making an investment, conduct thorough research and consult with your financial advisor.)
