Gold Rate Update for August 7: Prices Climb on MCX | Check Your City’s Rate
Gold, Silver Prices in India Today, August 7: Yellow Metal Gains Amid Trade Tensions.
Gold and silver prices in India rose on Thursday, August 7, driven by a resurgence in safe-haven demand after US President Donald Trump announced an additional 25% tariff on Indian imports, further escalating trade tensions between the two countries.
Domestic Market Rates
In Mumbai:
22-carat gold: ₹94,000 per 10 grams
24-carat gold: ₹1,02,550 per 10 grams
Silver: ₹1,17,000 per kilogram (up ₹1,000)
Futures Market on MCX
Gold (August 5, 2025 contract): Trading 0.24% higher at ₹1,01,505 per 10 grams
Silver (September 5, 2025 contract): Trading up 0.53% at ₹1,14,252 per kilogram
International Market Trends
Gold prices also gained internationally:
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 94,150 | Rs 1,02,700 |
| Jaipur | Rs 94,150 | Rs 1,02,700 |
| Ahmedabad | Rs 91,740 | Rs 1,02,600 |
| Patna | Rs 94,050 | Rs 1,02,600 |
| Mumbai | Rs 94,050 | Rs 1,02,550 |
| Hyderabad | Rs 94,000 | Rs 1,02,550 |
| Chennai | Rs 94,000 | Rs 1,02,550 |
| Bengaluru | Rs 94,000 | Rs 1,02,550 |
| Kolkata | Rs 94,000 | Rs 1,02,550 |
US Spot Gold: Up 0.4% at $3,380.76 per ounce (as of 02:47 GMT)
US Gold Futures: Up 0.3% at $3,443.30 per ounce
The surge in gold prices followed Trump’s tariff announcement on Wednesday, which cited India’s continued purchase of Russian oil. The new import tax—effective 21 days from August 7—will raise duties on certain Indian goods to as high as 50%, making them among the most heavily taxed exports to the US.
Impact of Dollar and Interest Rate Outlook
Gold also found support from a weakened US dollar, which slipped to a one-week low following weaker-than-expected US jobs data. This has raised market expectations of a Federal Reserve rate cut in September. According to the CME FedWatch Tool, there is now a 94% probability of a 25-basis point rate cut next month.
A weaker dollar typically makes gold cheaper for buyers holding other currencies, boosting demand.
What Influences Gold Prices in India?
Gold prices in India are shaped by several key factors:
- International gold rates
- Import duties and government taxes
- Currency exchange rates
- Domestic demand, especially during festivals and weddings
Gold is not only a cultural symbol in India but also a preferred hedge against inflation, making it a critical component of household and investment portfolios.
With market dynamics shifting rapidly, both investors and consumers are advised to track price movements closely.
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