Gold Prices Jump ₹1,140 on July 1; Silver Also Surges—Check Latest Rates Across India.
Gold prices in India witnessed a sharp rise on Tuesday, July 1, gaining ₹1,140 after several days of decline following the Iran-Israel ceasefire. In Mumbai, 22-carat gold was priced at ₹90,200 per 10 grams, while 24-carat gold reached ₹98,400 per 10 grams.
Silver also joined the rally, soaring over ₹2,300 during the morning session. The metal was trading at ₹1,10,000 per kg in Mumbai.
MCX Trends
On the Multi Commodity Exchange (MCX):
Gold futures (August 5, 2025 expiry) rose 0.85% to ₹96,894 per 10 grams.
Silver futures (September 5, 2025 expiry) climbed 0.27% to ₹1,06,576 per kg.
Market Insights
According to Rahul Kalantri, VP of Commodities at Mehta Equities, gold rebounded from a five-week low due to short covering, bargain buying, and a weaker dollar, which hit a 43-month low. The dollar index slipped following soft U.S. GDP data and a stronger Euro, fueling bullish sentiment in the bullion market.
Technical levels:
Gold support: $3,285–$3,265 | resistance: $3,335–$3,355
Silver support: $35.74–$35.55 | resistance: $36.25–$36.50
Today’s Gold Rates in Major Indian Cities (Per 10 grams)
| City | 22K Gold (₹) | 24K Gold (₹) |
|---|---|---|
| Mumbai | ₹90,200 | ₹98,400 |
| Delhi | ₹90,450 | ₹98,650 |
| Chennai | ₹91,000 | ₹99,300 |
| Kolkata | ₹90,300 | ₹98,500 |
| Bengaluru | ₹90,150 | ₹98,350 |
| Hyderabad | ₹90,200 | ₹98,400 |
| Ahmedabad | ₹90,250 | ₹98,450 |
What Drives Gold Prices in India?
Several factors influence daily gold rates in India:
- Global market trends
- Import duties and taxes
- Currency fluctuations (especially INR vs. USD)
- Inflation expectations and monetary policy
- Geopolitical developments
Gold holds both cultural and financial value in India, commonly used in investments, weddings, and festivals. Given the volatility in prices, traders and investors closely track market movements to make informed decisions.
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