Gold prices in India declined slightly on Monday. The gold prices today, July 7, were at ₹ 98,993 for 24 carat gold and ₹ 90,763 for 22 carat gold for 10 grams each.
There was an overall decline of ₹10 in gold prices across all major cities.
Citywise gold prices today
Among the major cities the gold rate for 24 carat gold was the most in Delhi with ₹ 98,993, while it was the lowest in Bengaluru with the price of ₹ 98,835. In the metropolitan cities of Chennai and Mumbai, gold was priced at ₹ 98,841 and ₹ 98,847, respectively. Similarly in Kolkata the price was ₹ 98,845. Follow for live updates on gold prices.
For 22 carat gold, the rates declined by ₹ 10 for 10 grams of gold. Here also Delhi recorded the highest gold price with ₹ 90,763. Followed by Pune with ₹ 90,623 and Chennai had gold rate priced ₹ 90,611. In Kolkata, gold price was ₹ 90,615, while Bengaluru recorded the lowest price with ₹ 90,605.
Gold prices in international market fell amid US trade deal progress
Gold prices in the international market dropped on Monday after US President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries. This led to the dampening demand for the safe-haven metal, leading to the reduction of gold prices. On July 7, spot gold fell 0.6 per cent to $3,314.21 per ounce and US gold futures were down 0.6 per cent to $3,322, reported Reuters.
{{/usCountry}}Gold prices in the international market dropped on Monday after US President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries. This led to the dampening demand for the safe-haven metal, leading to the reduction of gold prices. On July 7, spot gold fell 0.6 per cent to $3,314.21 per ounce and US gold futures were down 0.6 per cent to $3,322, reported Reuters.
{{/usCountry}}The US is inching closer to finalising trade agreements in upcoming days, he said that the first letters on tariffs and trade deals will be sent to countries on Monday. In April this year, Trump announced a 10 per cent base tariff on most countries, with additional duties of up to 50 per cent. He later postponed the effective date for all but 10 per cent of those tariffs until July 9.
According to OANDA senior market analyst Kelvin Wong, the impact of this on gold is that, this short-term reprieve is causing this weakness in the gold price right now.” Meanwhile, the spot silver fell 0.8 per cent to $36.81 per ounce, platinum shed 0.8 per cent to $1,380.55 and palladium also lost 1 per cent at $1,123.31.