Gold, Silver Prices In India Today, August 7: Gold and silver prices rose on Thursday, supported by renewed safe-haven demand after US President Donald Trump slapped an additional 25% tariff on Indian
imports, escalating trade frictions. In Mumbai, the price of gold stood at Rs 94,000 per 10 grams for 22-carat and Rs 1,02,550 per 10 grams for 24-carat.
The price of silver jumped by Rs 1,000 to Rs 1,17,000 per kg.
In the futures market on the MCX, gold futures (expiring on August 5, 2025) were trading higher by 0.24% at Rs 1,01,505 per 10 gram, while silver (expiring on September 5, 2025) jumped by 0.53% to trade at Rs 1,14,252 per kg.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On August 7?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 94,150 | Rs 1,02,700 |
| Jaipur | Rs 94,150 | Rs 1,02,700 |
| Ahmedabad | Rs 91,740 | Rs 1,02,600 |
| Patna | Rs 94,050 | Rs 1,02,600 |
| Mumbai | Rs 94,050 | Rs 1,02,550 |
| Hyderabad | Rs 94,000 | Rs 1,02,550 |
| Chennai | Rs 94,000 | Rs 1,02,550 |
| Bengaluru | Rs 94,000 | Rs 1,02,550 |
| Kolkata | Rs 94,000 | Rs 1,02,550 |
International Gold Prices
In the international market, gold rose on Thursday, supported by renewed safe-haven demand after US President Donald Trump slapped an additional 25% tariff on Indian imports, escalating trade frictions.
US spot gold was up 0.4% at $3,380.76 per ounce as of 0247 GMT. US gold futures gained 0.3% to $3,443.30.
Trump on Wednesday slapped an additional 25% tariff on imports of Indian goods, citing New Delhi’s continued buying of Russian oil, deepening a trade rift between the two nations after talks reached a deadlock.
The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50% – among the highest levied on any U.S. trading partner.
Adding to gold’s support, the dollar index hovered near a more than one-week low after surprisingly weak U.S. jobs data last week triggered bets for U.S. rate cuts in September. A weaker dollar makes gold less expensive for holders of other currencies.
Traders are now pricing in a 94% chance of a 25-basis point rate cut next month, according to the CME Group’s FedWatch Tool.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
(With Inputs from Reuters)
