Gold and silver prices declined on the Multi Commodity Exchange (MCX) on Friday, the last trading day of July, even as retail gold prices in India saw a marginal increase across 24K, 22K and 18K categories. The mixed trend comes amid global market volatility, a stronger US dollar and evolving expectations around US Federal Reserve policy.
On the MCX, gold futures slipped and traded around Rs 1,42,600 per 10 grams, while silver futures fell to nearly Rs 2,19,200 per kg in early trade. The decline followed weakness in international bullion prices as investors booked profits after recent gains.
Despite the fall in futures, domestic retail gold prices edged higher. According to the latest rates, 24K gold was priced at Rs 1,44,600 per 10 grams, 22K gold at Rs 1,32,550 per 10 grams, and 18K gold at Rs 1,08,450 per 10 grams. Silver prices in the retail market also remained elevated despite the correction in futures trading.
Globally, spot gold slipped as a firmer US dollar weighed on investor sentiment. However, the precious metal remained on track to post its first monthly gain in five months, supported by geopolitical tensions and bargain buying. Market participants are also closely tracking the US Federal Reserve’s policy outlook, with expectations for a possible rate hike influencing bullion prices.
Analysts said gold is likely to remain volatile in the near term as investors monitor global economic data, central bank decisions and geopolitical developments, all of which could influence demand for safe-haven assets.