Current Gold Prices Surge Amid Weak Dollar

Gold Prices on the Rise

Gold Rate Today: International gold prices are experiencing a significant increase. The weakening of the US dollar and a decline in treasury yields have contributed to the rising appeal of gold. Investors are also cautious about trade deals ahead of the August 1 deadline, prompting a shift towards gold, traditionally viewed as a safe investment.

International Market Trends

On July 22, gold prices in the international market rose by $41.39 per ounce, reaching $3,393.17 per ounce. However, this surge has not significantly impacted the Indian market. On Tuesday, the Multi Commodity Exchange (MCX) reported only a slight decline in gold prices.

MCX Gold and Silver Rates

On July 22, gold on the MCX traded down by ₹24, settling at ₹99,304 per 10 grams, while silver saw a minor drop of ₹271, priced at ₹114,775 per kilogram. Additionally, Paytm reported the price of one gram of gold at ₹10,246 today.

Retail Gold Prices

Current Retail Gold Rates

According to Taniskh's website, the price of 24-carat gold on July 22 was recorded at ₹100,580 per 10 grams, a slight increase from ₹100,470 per 10 grams on July 21, marking a rise of ₹110. Similarly, the price for 22-carat gold was noted at ₹92,200 per 10 grams, up from ₹92,100 the previous day.

Gold Sets New Records

As reported by Reuters, spot gold remained stable at $3,390.69 per ounce as of 0258 GMT, although it reached its highest level since June 17 at the start of the session. The US dollar index hovered near its lowest point in over a week against other currencies, making gold cheaper for foreign buyers.

Market Uncertainty

On Monday, the 10-year US treasury yields also fell to their lowest levels in over a week. Furthermore, US President Donald Trump has warned that if no deal is reached before August 1, a 30% duty will be imposed on goods from Europe. Market experts believe this could increase uncertainty, potentially driving gold prices even higher.