Gold rates in India recorded weekly gains from July 1st to July 5th, with 24 carat gold price now away by Rs 1,170 from hitting Rs 100,000 mark again.
Overall, the week was positive, despite a slight correction after the US job data. In the week ahead, from July 6th to July 12th, sentiment in gold will be driven by the upcoming deadline for new Liberation Day tariffs. MCX gold is expected to range from Rs 94,900 to Rs 98,900 per 10 grams, while silver could touch new high up to Rs 1,12,000 per 1kg.
Gold Prices In India:
On July 5, 10 grams of gold stood at Rs 98,830 in 24 carat, at Rs 90,600 in 22 carat. While the prices were at Rs 9,88,300 in 100 grams of 24 carat, and at Rs 9,05,000 in 100 grams of 22 carat.
Gold prices are likely to be the same on July 6th.
10 grams of gold is away by Rs 1,170 from touching the pivotal Rs 1,00,000 mark in 24 carat. Overall, in July so far, gold prices are up by 0.44% across carats.
MCX Gold, Silver Prices:
The MCX gold price, with August 2025 expiry, was also under pressure. The bullion closed below the Rs 97,000 mark to Rs 96,988 per 10 grams, down by Rs 2, after hitting an intraday low of Rs 96,735 per 10 grams on July 4th.
On the other hand, mild gains were recorded in the MCX silver price, which has a September 2025 expiry. This precious metal closed at Rs 1,08,438 per 1kg, up by Rs 9.
“Bullion prices recorded weekly gains as worries over the U.S. fiscal deficit and unresolved tariff uncertainties lifted the metal’s safe-haven demand, ” said analysts at SMC Global Securities in their weekly note.
Gold And Silver Prices Outlook For July 6 to July 12:
Last week, the House passed President Trump’s large-scale tax and spending plan, adding over $3 trillion to the deficit in the coming decade. Meanwhile, the President confirmed that letters detailing tariffs will be sent out to trading partners, indicating a shift from his earlier approach of individual negotiations. This development is among the key triggers for precious metals currently.
However, SMC’s note also pointed out that stronger-than-expected U.S. labour data limited gold’s upward movement. Employers added 147,000 jobs in June, lowering the unemployment rate to 4.1% and strengthening the Fed’s case to maintain current rates. Additionally, the ISM reported that the services sector showed a rebound in orders, though employment in the sector contracted for the third time this year.
Despite early promises of swift deals, progress has been slow, with only three agreements secured so far-including a fresh deal with Vietnam and framework arrangements with Britain and China. Talks with India appear close to finalization, but negotiations with Japan and South Korea remain stuck. The Vietnam deal could provoke Beijing, as it imposes a 40% levy on trans-shipped goods to counter rerouting via “Made in Vietnam” labels. Other Asian nations, like Thailand, hope to avoid higher tariffs after recent discussions, as per SMC’s note.
Also, the brokerage pointed out that the EU aims for a broad deal before July 9, though consensus remains complex. European diplomats insist any tariff relief must be immediate.
For the upcoming weekly trading session from July 7th to July 11th, SMC’s note said, ” Markets now await further updates from the Commerce Department as the July 9 deadline for new Liberation Day tariffs approaches. On COMEX, gold could move between $3300-$3550, silver between $36-$41; on MCX, gold may stay bullish near 94900-98900 while silver could range from 104000 to 112000.”
Last week, on Friday, spot gold surged to reach near $3,340 per ounce, taking it on track for over 2% gains, and halting its two consecutive weekly losses.