Gold Price in India Recovers Strongly By Rs 11,400 in 24/100g; Check Latest Rates for 24K, 22K, 18K

Gold prices in India bounced back sharply on July 1 after falling for eight straight days. The price of 24-carat gold increased by over Rs 10,000 per 100 grams, recovering sharply from the decline seen over the past three days. This marked a positive start to the month of July after June ended with significant losses in the gold market.

Gold Rate in India Today, July 1

The price of 24-carat gold increased by Rs 1,140, reaching Rs 98,400 per 10 grams, with the per-gram rate rising to Rs 9,840, up by Rs 114. Similarly, 22-carat gold saw a Rs 1,050 increase, bringing the price to Rs 90,200 per 10 grams or Rs 9,020 per gram, up by Rs 105. Prices of 18-carat gold also moved higher, climbing by Rs 860 to Rs 73,800 per 10 grams, with the per-gram rate now at Rs 7,380, up Rs 86.

Meanwhile, 100 grams of gold is available at Rs 9,84,000 in 24 carat, registering a uptrend of Rs 11,400. Also, 22 carat and 18 carat gold price is at Rs 9,02,000 and Rs 7,38,000 higher by Rs 10,500 and Rs 8,600 respectively.

Silver Rate in India Today, July 1:

Silver prices in India today increased too today on July 1. As of now, 1kg of silver in India is Priced Rs 1,10,000, which rose by Rs 2,300. While 100g of silver rates in India cost Rs 11,000 after rising Rs 230.

What impacted the gold Prices to move up?

The recovery in gold rates is mainly driven by global factors. A weaker US dollar and growing global political uncertainty, including fresh tariff threats on Japan, pushed investors toward safe-haven assets like gold. These global factors helped boost demand and supported the rebound in gold rates.

Looking ahead, traders and investors are waiting for important US job data due this week, including the ADP employment report and the non-farm payrolls report. These numbers could influence the Federal Reserve's decisions on future interest rate cuts, which may continue to impact gold prices in the coming weeks.

"A series of positive developments in global trade negotiations limited the upside, with President Trump announcing a finalized US-China trade agreement and hinting at significant deals with India, Mexico, and Vietnam in the pipeline.

The removal of Canada's digital services tax, which had targeted American tech firms, further supported risk appetite, while easing tensions in the Middle East following the fragile Israel-Iran ceasefire also calmed immediate concerns," said Ajay Kedia, Director of Kedia Advisory.

Gold and Silver Futures Prices on MCX:

Gold futures prices at the multi-commodity exchange (MCX) witnessed some gains today. Gold futures, which are expected to mature on August 5, surged by 800 points or 0.83% and are currently trading at Rs. 96,875 per 10 grams. Similarly, silver futures slated to mature on September 5 rose marginally by 258 points or 0.24% to trade at Rs 1,06,550 at the time of writing.

Outlook for Gold Prices Ahead:

"Despite the global trends, physical gold demand in India remained muted as retail buyers continued to wait for deeper corrections, leading Indian dealers to maintain discounts of up to $18/oz over domestic prices-though slightly narrower than last week's $27/oz discount.

Technically, gold is in short covering mode, with open interest down 12.61% to 13,018 lots while prices rebounded by 605. Gold now finds immediate support at 95,575, with a drop below exposing 95,075. On the upside, resistance is seen at 96,380, and a break above could test 96,685 in the coming sessions," noted Ajay Kedia of Kedia Advisory.

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