On the Multi Commodity Exchange (MCX), gold futures for August delivery fell by Rs 167 (0.17%), settling at Rs 97,900 per 10 grams. Silver futures for September delivery, however, dropped by Rs 1,531 (1.16%) to close at Rs 1,11,333 per kilogram.
Global Market Trends
Internationally, spot gold rebounded 0.6% to $3,295.37 per ounce after hitting a one-month low of $3,267.79 in the previous session. The recovery was driven by renewed trade uncertainty following fresh US tariff announcements. US gold futures edged down 0.2% to $3,289.30
Analysts highlighted that sub-$3,300 gold levels have attracted buying interest amid ongoing economic and trade tensions. Meanwhile, the US Federal Reserve held interest rates steady, easing expectations of a rate cut in September.
Domestic Market Outlook
Manoj Jain, Director at India Nivesh, noted that both gold and silver witnessed profit-taking after upbeat US GDP data and a stronger dollar index. Jain expects volatility to continue this week with gold likely testing support at $3,280 per ounce and silver at $36.40 per ounce.
At MCX, gold is expected to face support between Rs 98,500–98,080 and resistance at Rs 99,300–99,650, while silver support is seen at Rs 1,12,000–1,10,800 with resistance at Rs 1,13,350–1,14,100.
Deveya Gaglani, Senior Research Analyst at Axis Securities, added that strong US economic data and steady Fed rates weighed on gold prices. The upcoming US Non-Farm Payroll data will be a key trigger for further price movements.
Other Precious Metals
Spot silver: Up 0.2% at $37.21/oz
Platinum: Gained 1.6% to $1,333.45/oz
Palladium: Jumped 3.1% to $1,242.45/oz
Experts suggest a cautious trading approach amid heightened global economic uncertainty and fluctuating dollar index levels.
City-wise Gold Prices (per gram on July 31, 2025):
|
City |
24K |
22K |
|
Mumbai |
Rs 10,003 |
Rs 9,170 |
|
Delhi |
Rs 10,018 |
Rs 9,185 |
|
Chennai |
Rs 10,003 |
Rs 9,170 |
|
Kolkata |
Rs 10,003 |
Rs 9,170 |
|
Bengaluru |
Rs 10,003 |
Rs 9,170
|
Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs 10,048 per gram, while 22-karat gold was priced at Rs 9,210 per gram.
Gold Price in Delhi:
The national capital recorded 24K gold at Rs 10,048 per gram, with 22K gold available at Rs 9,225 per gram.
Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,048 per gram and 22K gold at Rs 9,210 per gram.
Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 10,048 per gram, and 22-karat gold was selling at Rs 9,210 per gram.
Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 10,048 per gram, while 22K gold was available at Rs 9,210 per gram.
Gold Price in Pune:
Pune saw 24K gold trading at Rs 10,048 per gram, while 22K gold was available at 9,210 per gram.
