Bengaluru, July 7, 2025: Gold rates in India saw a slight decline on Monday amid cautious trading ahead of the crucial July 9 US tariff decision deadline. With global cues pointing to weaker safe-haven demand and no progress in key geopolitical negotiations, both domestic and international gold prices are trending downward.
MCX trends reflect broader caution
As of early July 7, the MCX gold price stood at ₹96,500, registering a drop of ₹490 or 0.51%. The intraday low touched ₹96,402 per 10 grams, reflecting waning investor interest.
Silver mirrored this trend, with MCX silver sliding by ₹129 or 0.12% to ₹1,08,300 per kg. The trading range hovered between ₹1,08,124 and ₹1,08,395.
Global cues: Tariff threat and jobs data weigh on bullion
Silver remains more stable, with global support at $36.35 and resistance at $37.30. In India, support is expected at ₹1,07,480–1,06,550, with resistance up to ₹1,10,200.
Spot gold and the tariff timer
The spot gold price struggled to hold $3,310, nearing a one-week low. Investors are keeping a close watch on July 9, the deadline for new US Liberation Day tariffs. Though US President Donald Trump has indicated tariff hikes may begin from August 1, Treasury Secretary Bessent has left room for a three-week negotiation window, tempering immediate market panic.
Meanwhile, last week’s strong US employment data has reduced expectations of a July Federal Reserve rate cut, denting bullion’s appeal as a non-yielding asset.
Domestic gold retail prices
Retail gold prices in India, affected by global sentiment, currently stand at:
| Purity | 10g Price | 100g Price |
|---|---|---|
| 24 Carat | ₹98,830 | ₹9,88,300 |
| 22 Carat | ₹90,600 | ₹9,06,000 |
| 18 Carat | ₹74,130 | ₹7,41,300 |
Outlook: All eyes on July 9 and Fed policy
With geopolitical tensions (e.g. Hamas-Israel talks stalling in Qatar) and fiscal uncertainty in the US, investors are treading carefully. Any escalation or delay in tariff implementation, or renewed signs of Fed rate easing, could quickly swing bullion prices.