Gold price today in India crossed Rs 1 lakh. The MCX Spot market price for gold on July 23 crossed Rs 1 lakh to settle at Rs 1,00,130. The previous day’s closing price for gold was Rs 99,026.
In the international market, gold trades around $3,410 per ounce on Wednesday, snapping a three-day winning streak and pulling back slightly from a five-week high.
Gold Prices
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions says, “Gold prices have touched a fresh high, closing around Rs 1,03,000, driven by a combination of global economic uncertainties.~~
Rising tariffs, increasing geopolitical tension, and ongoing policy shifts are contributing to global volatility.
As a result, we’re seeing firm upward pressure on international gold prices, with the dollar strengthening and commodity markets reacting sharply.”
“Now that gold has broken key resistance levels and found support near $3,498 internationally, the broader outlook remains bullish. However, despite the rally, domestic sales have slowed due to elevated price points. Looking ahead, while the long-term trend is positive, we anticipate a short-term correction of around $200.
Given that prices surged nearly Rs 2.5 lakh per kilo over just five working days—a healthy pullback is expected before the next leg up,” adds Kothari.
Silver has also turned bullish as other precious metals are also shining. As the demand for precious metals continued to rise due to a weaker US currency and lower Treasury yields, silver prices remained above $39 an ounce on Wednesday, approaching their highest level since 2011.
Gold, Silver Performance
Gold is up by 2.6% over 1 month and over 42% in the last one-year. Silver is up by 9.5% over 1 month and over 36% in the last one-year.
Gold and silver’s performance will depend a lot on how Trump’s tariff deals happen in the months ahead.
In his announcement of a “massive” trade agreement with Japan, President Trump stated that Japan would open its market to more US goods in exchange for the US imposing reciprocal tariffs of 15%, which is less than the 25% that was previously threatened.
The agreement raises hopes for additional agreements before the deadline of August 1st, as it follows similar agreements with Indonesia and the Philippines.
But since negotiations with other important partners were still at a standstill, caution prevailed. As Trump’s uncompromising position increases the likelihood of a no-deal outcome, the EU is planning punitive measures while still pursuing a trade agreement with the US.
With markets expecting potential rate cuts in September or October, attention also shifts to the Federal Reserve meeting next week, where rates are anticipated to remain unchanged.
With a meeting between US and Chinese officials planned for Stockholm next week to continue talks, Treasury Secretary Scott Bessent added that it is likely that the current tariff truce with China will be extended.
Trump, meanwhile, continued to attack Federal Reserve Chair Jerome Powell, saying that “he will be out in eight months” and accused him of maintaining excessively high interest rates. These remarks increased market apprehension about US monetary policy.
Article source: financialexpress.com
