On the final trading day of July, retail gold prices in India experienced a slight uptick across the 24K, 22K, and 18K categories. The mixed trend arises in the context of global market volatility, a robust US dollar, and shifting expectations regarding US Federal Reserve policy. On the MCX, gold futures declined, trading at approximately Rs 1,42,600 per 10 grams, while silver futures decreased to nearly Rs 2,19,200 per kg in early trade. The decline followed weakness in international bullion prices as investors realised profits following recent gains.

Despite the decline in futures, domestic retail gold prices experienced an uptick. As per the most recent pricing data, 24K gold is valued at Rs 1,44,600 for every 10 grams, while 22K gold stands at Rs 1,32,550 for the same quantity, and 18K gold is priced at Rs 1,08,450 per 10 grams. Silver prices in the retail market continued to hold firm, even in the face of a correction observed in futures trading. Globally, spot gold experienced a decline as a stronger US dollar exerted pressure on investor sentiment. However, the precious metal remained on course to achieve its first monthly gain in five months, bolstered by geopolitical tensions and opportunistic purchasing.

Market participants are closely monitoring the US Federal Reserve’s policy outlook, as expectations for a potential rate hike are impacting bullion prices. Analysts indicated that gold is expected to experience volatility in the short term as investors keep a close watch on global economic indicators, central bank policies, and geopolitical events, all of which may impact the demand for safe-haven assets.