Gold Rates In India Today Extends Upside To Rs 13,100, Silver Rates Continue To Fall; 24K, 22K, 18K Gold Price

Gold rates in India today defied the bearish and volatile market trend, surging by at least Rs 13,100 on July 9th. This is due to a mild downside in dollar, which has erased the 101 mark. Nonetheless, the rate hike scenario, crude oil price rally, and inflationary pressures limited the upside momentum in 24 carat, 22 carat and 18 carat across cities. 10 grams of gold is still below Rs 143,500 in 24 carat despite the latest gains. The renewed tensions between the US and Iran, which led to the nullification of the ceasefire agreement, are likely to play a major role in defining sentiments for precious metals. In comparison to gold, silver price crashed by Rs 10,000, eventually underperforming the bullion.

Gold Rates Today In India

On Thursday, 24 carat gold price extended its surge by Rs 13,100 in 100 grams to Rs 14,44,400 and rose by Rs 1,310 to Rs 1,44,440 per 10 grams. In the morning, the gains were around Rs 1,100 in 100 grams and Rs 110 in 10 grams.

Moreover, 24 carat in 8 grams soared by Rs 1,048 to Rs 1,15,552 and 1 gram gained by Rs 131 to Rs 14,444 in the afternoon.

Furthermore, 22 carat gold price soared by Rs 12,000 to Rs 13.24 lakh per 100 grams, surged by Rs 1,200 to Rs 1,32,400 per 10 grams, advanced by Rs 960 to Rs 1,05,920 per 8 grams and is up by Rs 120 to Rs 13,240 per 1 gram.

Additionally, 18 carat gold price jumped by 9,800 to Rs 10,83,300 per 100 grams, climbed by Rs 980 to Rs 1,08,330 per 10 grams, zoomed by Rs 784 to Rs 86,664 per 8 grams and is higher by Rs 98 to Rs 10,833 per 1 gram.

Silver Rates In India

The silver rates crashed. 1Kg silver price nosedived by Rs 10,000 to Rs 2.35 lakh, while 100 grams silver dropped by Rs 1,000 to Rs 23,500. The 10 grams silver is down by Rs 100 to Rs 2,350, while the 8 grams and 1 gram silver prices slipped by Rs 80 and Rs 10 to Rs 1,880 and Rs 235.

What Is Impacting Gold Silver Rates Today In India?

Explaining the latest impact, Pinky Yadav, Commodity Fundamental Analyst at Choice Broking said, gold prices on COMEX and MCX remained under pressure as investors weighed rising inflation risks from renewed Middle East tensions against expectations of tighter U.S. monetary policy.

Further, minutes from the Federal Reserve's June meeting revealed growing concern over inflation, with markets continuing to price in at least one interest rate hike by the end of 2026.

"Concerns over global energy supplies have also intensified after reports indicated that commercial ship traffic through the Strait of Hormuz has slowed significantly following the latest escalation in the region. Although crude oil prices have stabilized after their recent surge, they continue to trade at elevated levels, with Brent hovering in the $74-75 per barrel range," said Ponmudi R, CEO of Enrich Money.

He further added that also the Indian rupee remains under pressure amid heightened geopolitical uncertainty and elevated crude oil prices. The domestic currency is currently trading near the 95.5 level against the U.S. dollar, reflecting continued demand for the greenback as a safe-haven asset.

Meanwhile, treasury yields are near 7-week high, adding further pressure on bullion.

"the U.S. 10-year Treasury yield hovered near a seven-week high of 4.58%, reducing the appeal of non-yielding assets such as gold. Japan's 10-year bond yield touched a 29-year high, while the U.S. dollar stayed firm near 101, keeping overall sentiment cautious despite ongoing geopolitical safe-haven demand," said Choice Broking's analyst.

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