Gold and Silver Prices Today: Gold slips below Rs 97,500 on MCX, Silver nears Rs 1,11,900; check city-wise gold prices

Gold prices fell below the Rs 97,500 mark on Thursday on the Multi Commodity Exchange (MCX), as global volatility and a firmer dollar weighed on investor sentiment. Gold futures dropped by Rs 332 or 0.34%, settling at Rs 97,456 per 10 grams. Meanwhile, silver futures edged up marginally by Rs 257 or 0.23% to close at Rs 1,11,892 per kilogram.

The dip comes amid a turbulent trading session influenced by rumors surrounding the possible dismissal of US Federal Reserve Chairman Jerome Powell and the resulting volatility in the dollar index.

Gold and silver prices off day’s lows amid rumors and clarifications

According to Manoj Jain, Director at India Nivesh, “Gold and silver recovered from their intraday lows in a highly volatile session. Precious metal prices initially surged after rumors about the US President planning to fire Fed Chair Powell, but pared gains after Trump clarified he had no such immediate plans.”

In the international market, gold August futures settled at $3,359.10 per troy ounce, up 0.67%, while silver September futures ended at $38.12, up 0.03%. Domestically, gold futures closed at Rs 97,788 per 10 grams, gaining 0.59%, and silver settled at Rs 1,11,635 per kg with a 0.13% gain.

Technical outlook and investment strategy

“Gold has support at $3,280 and resistance at $3,389 per ounce. In domestic markets, gold support lies at Rs 97,440–97,100, while resistance is at Rs 98,080–98,400. Silver’s support levels are at Rs 1,10,800–1,10,000 with resistance around Rs 1,12,400–1,13,100,” added Jain.

He advised investors to consider buying gold on dips around Rs 97,300 with a stop loss of Rs 96,850 and a target of Rs 98,100. Similarly, silver could be bought around Rs 1,10,800 for a target of Rs 1,12,800.

Dollar index and rupee movement add to volatility

The dollar index retreated from its one-month high following the clarification on Powell’s status and settled at 97.98, down 0.35%. However, it regained some ground after the President renewed criticism of the Fed’s interest rate stance. Meanwhile, the USD-INR July 29 futures closed at 86.0050, up 0.14%.

Experts believe the dollar index could remain volatile this week, trading between 95.55 and 99.80. Similarly, the rupee is expected to fluctuate in the 85.05–87.00 range, affected by domestic equity trends and uncertainty over global trade tariffs.

Spot prices and global factors

Spot gold slipped 0.2% to $3,340.79/oz and US gold futures fell 0.4% to $3,347.10/oz as the dollar strengthened. Spot silver rose slightly to $37.98/oz, platinum gained 0.2% to $1,419.67, and palladium eased 0.1% to $1,230.14.

“June’s flat US PPI suggests wholesale prices remain stable, reducing fear over tariffs’ inflationary impact,” said Jigar Trivedi, Senior Commodity Analyst at Reliance Securities.

SPDR gold holdings rise

The SPDR Gold Trust, the world’s largest gold-backed ETF, reported a rise in holdings to 950.79 tonnes, up 0.33% from the previous session.

City-wise Gold Prices (per gram on July 17, 2025):

Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs 9,933per gram, while 22-karat gold was priced at Rs 9,105 per gram.

Gold Price in Delhi:
The national capital recorded 24K gold at Rs 9,948  per gram, with 22K gold available at Rs 9,115 per gram.

Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,933 per gram and 22K gold at Rs 9,105 per gram.

Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 9,933 per gram, and 22-karat gold was selling at Rs 9,105 per gram.

Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 9,933 per gram, while 22K gold was available at Rs 9,105 per gram.

Gold Price in Pune:
Pune saw 24K gold trading at Rs 9,933 per gram, while 22K gold was available at 9,105 per gram.