Check today's gold rates in major Indian cities; know what global trends mean for buyers, investors
Gold prices in India's retail market moved higher on Friday, July 10, with rates increasing across major cities. However, gold futures traded lower on the Multi Commodity Exchange (MCX) as investors reacted to renewed tensions in the Middle East and growing expectations that the US Federal Reserve may raise interest rates later this year.
The benchmark retail price of 24-carat gold rose by ₹38 to ₹14,482 per gram. The price of 22-carat gold increased by ₹35 to ₹13,275 per gram, while 18-carat gold gained ₹29 to ₹10,862 per gram.
Gold rates today in major cities
In Chennai, 24-carat gold was priced at ₹14,564 per gram. The price of 22-carat gold stood at ₹13,350 per gram, while 18-carat gold was selling at ₹11,170 per gram.
In Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune, 24-carat gold was available at ₹14,482 per gram. The rate for 22-carat gold was ₹13,275 per gram, while 18-carat gold was priced at ₹10,862 per gram.
In Delhi, 24-carat gold was selling at ₹14,495 per gram. The price of 22-carat gold stood at ₹13,290 per gram and 18-carat gold at ₹10,877 per gram.
In Vadodara and Ahmedabad, 24-carat gold was priced at ₹14,487 per gram. The rate for 22-carat gold was ₹13,280 per gram, while 18-carat gold was ₹10,867 per gram.
For those buying in larger quantities, eight grams of 24-carat gold cost ₹1,15,856, up ₹304 from the previous session. Eight grams of 22-carat gold was priced at ₹1,06,200, up ₹280, while 18-carat gold cost ₹86,896, up ₹232.
The price of 10 grams of 24-carat gold rose to ₹1,44,820, an increase of ₹380. Ten grams of 22-carat gold was priced at ₹1,32,750, up ₹350, while 18-carat gold rose ₹290 to ₹1,08,620.
MCX gold falls as global concerns weigh on market
While retail prices rose, gold futures on the MCX opened lower.
At around 9.15 am, the MCX August gold contract was down 0.27 per cent at ₹1,44,913 per 10 grams. The September silver contract, however, was up 0.08 per cent at ₹2,26,555 per kg.
The fall in futures prices came as investors tracked rising tensions in the Middle East. Fresh concerns over the conflict pushed crude oil prices higher, increasing fears that inflation could remain elevated.
At the same time, markets are watching the US Federal Reserve closely. Minutes from the Fed's June policy meeting showed that officials remain concerned about inflation and the impact of the Middle East conflict on the global economy.
According to Reuters, the CME FedWatch tool now shows a 64 per cent chance of a US interest-rate hike in September, compared with about 54 per cent a week ago.
Investors are also monitoring developments between the US and Iran. Although talks between the two countries are continuing, recent airstrikes and renewed US sanctions on Iranian oil have increased uncertainty. The situation has also raised concerns over the safety of shipping through the Strait of Hormuz, an important route for global oil supplies.