Gold price today: Gold rates traded lower in Thursday’s early trade in the domestic futures market, pressured by weak global cues and an uptick in the US dollar. Silver prices, however, climbed, supported by healthy spot market demand.
Around 9:05 AM, MCX Gold August 5 contracts were 0.30 per cent down at ₹97490 per 10 grams, while MCX Silver September 5 contract traded 0.10 per cent up at ₹1,11,748 per kg.
The dollar’s gain and easing tariff-related concerns weigh on gold prices. The dollar index climbed 0.20 per cent, making gold expensive in overseas currencies.
Meanwhile, US President Donald Trump denied reports that he was planning to dismiss Federal Reserve Chair Jerome Powell, easing market concerns that Powell’s removal would dent the credibility of the US financial system and the dollar’s appeal as a safe-haven currency. Powell’s term ends in May 2026.
On the tariff front, Trump said on Wednesday, July 16, that America was close to finalising a trade deal with India.
(This is a developing story. Please check back for fresh updates.)