Gold, Silver Price Today (July 7): Gold and silver prices slipped on Tuesday, July 7 following the weaker tone we saw in international bullion markets. A firmer US dollar and cautious investor mood heading into the release of the US Federal Reserve meeting minutes, pulled on precious metals. This ended up making retail and futures prices in India come off a bit softer than before.
Gold, Silver Price Today (July 7)
Retail gold prices across India witnessed a marginal fall compared to the previous trading session.
- 24K Gold: ₹1,45,260
- 22K Gold: ₹1,33,150
- 18K Gold: ₹1,08,950
Silver Rate Today
Silver prices also remained under pressure amid a sharp decline in overseas markets.
- Silver (999 purity): ₹2,45,000 per kg
Gold Falls Despite Weaker Rupee: Investors Await Key US Economic Data
City-wise Gold Rates Today
- Delhi: ₹1,45,260, ₹1,33,150
- Mumbai: ₹1,45,260, ₹1,33,150
- Kolkata: ₹1,45,260, ₹1,33,150
- Bengaluru: ₹1,45,260, ₹1,33,150
- Hyderabad: ₹1,45,260, ₹1,33,150
- Chennai: ₹1,46,200, ₹1,34,000
MCX Update
On the Multi Commodity Exchange (MCX), Gold August futures were trading at ₹1,00,810 per 10 grams, down nearly ₹1,000 from the previous close. Meanwhile, Silver September futures slipped to ₹1,10,485 per kg, tracking weakness in global bullion markets as investors awaited the US Federal Reserve’s meeting minutes.
Should You Buy Gold Now?
Market experts think that long-term investors might treat this current correction as like a window to step in. But in the short run the price swings are probably still going to be jumpy and unpredictable, mainly because of the global economic releases.
“Today’s price action appears to be more of a consolidation than a significant reversal of last week’s positive sentiment, with traders waiting for the release of the latest FOMC minutes on Wednesday before making more decisive moves,” said ActivTrades analyst Ricardo Evangelista. Investors are advised to monitor international developments before making fresh investment decisions.
