Gold Rises To 5-Week High, Silver Touches 14-Year High: Check 24, 22 Carat Gold Rates In Your City On July 23
Gold, Silver Prices In India Today, July 23: Gold prices witnessed a jump on Wednesday, as the countdown to the US trade tariff deadline stoked global uncertainty. However, the US-Japan deal capped the upside move. In Mumbai, the price of gold stood at Rs 93,800 per 10 grams for 22-carat and Rs 1,02,330 per 10 grams for 24-carat.
Silver also declined by Rs 100 to trade at Rs 1,18,100 per kg.
However, in the futures market on the MCX, gold futures (expiring on August 5, 2025) were trading higher by 0.06% at Rs 1,00,390 per 10 gram, while silver (expiring on September 5, 2025) rose by 0.49% to trade at Rs 1,16,216 per kg.
Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, 'Gold and silver rallied further as the countdown to the US trade tariff deadline stoked global uncertainty. President Donald Trump's warning to escalate tariffs unless a deal is struck by August 1 has pushed investors towards safe-haven assets. Gold soared to a 5-week high and silver nearly touched a 14-year record. Weakness in both the US dollar index and treasury yields, amid expectations of policy easing, supported the rally. On the domestic front, rupee depreciation against the dollar added upward pressure on bullion prices. However, a surprise trade deal with Japan provided some support to currency markets thereby restricting further gains in bullion."
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
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