Gold Price Hike on July 8: Check Today's Rates in Delhi, Hyderbad, Chennai & Bengaluru; Silver Steady

After a sharp decline on Monday, gold rates in major Indian cities rebounded on Tuesday, surprising many buyers. The recent volatility in gold prices, including a sharp fall from record highs, has kept both investors and retail buyers on edge. Today's sudden spike in gold rates across India is mainly because of U.S. President Donald Trump's proposed tariff plans on major countries. The US dollar index also slipped into the red due to a further rise in gold prices.

Here are the latest gold prices in your city.

Delhi

Gold rates in Delhi today rose by Rs. 550 per 10 grams of 24 karat gold, which now costs Rs. 98,990. While the 22 karat gold rates in Delhi are priced at Rs. 90,750, which jumped by Rs. 500 per 10 grams. Similarly, the 18-carat gold is now available at Rs. 74,250 per 10 grams, which surged by Rs. 410.

Bangalore

Gold rates in Bangalore today jumped after a sharp fall seen yesterday. The 24-carat gold, which now costs Rs. 98,840 per 10 grams after rising Rs. 550, while 22-carat is retailing at Rs. 90,600, which jumped by Rs. 500 per 10 grams.

The silver rate in Bangalore today is stable from the last four days and costs Rs 110,000, while per 100 grams it costs Rs 11,000.

Chennai

The 22-carat gold rate in Chennai rose by Rs. 500 to Rs. 90,600, and the 24-carat gold price surged by Rs. 550 to Rs. 98,290 per 10 grams.

Silver prices in Chennai today also remained stable, just like in Bangalore, which is currently priced at Rs. 120,000, while 100 grams of silver costs Rs. 12,000.

Hyderabad

Gold prices in Hyderabad also surged on July 8th, and 24-carat gold rose by Rs. 550 to Rs. 98,290 per 10 grams, and 22-carat gold decreased by Rs. 500 to Rs. 90,100. The 18-carat gold rate also declined by Rs. 410, standing at Rs. 73,720 per 10 grams.

Silver prices in Hyderabad today are priced at Rs. 120,000, and 100 grams of silver is retailing at Rs. 12,000.

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange, Gold August Futures fell by 0.14% to Rs 97,138 per 10 grams. While the Silver September Futures rose today by 0.06% to Rs 108,387 per kg on July 8.

"MCX Gold Aug is expected to hold the support of Rs. 96,000 level and rebound towards Rs. 97,700 level. while MCX Silver Sep is expected to dip towards Rs. 106,800 level as long as it trades under Rs. 108,500 level." As per ICICI Securities Report.

Global Gold and Silver Spot Rates

According to the latest Reuters report, "Spot gold eased 0.1% to USD 3,330.71 per ounce as of 0434 GMT. U.S. gold futures were steady at USD 3,340.70. Spot silver added 0.1% to USD 36.77 per ounce."

"Spot Gold is expected to hold the support near $3300 level and move higher towards USD 3350 amid safe haven buying. Investors will move towards the safer asset class amid rising US Govt. debt and trade deal uncertainties. Recent announcements from US President Donald Trump has sparked tariff uncertainty, which would support the bullions to hold its ground." the ICICI report further mentioned.

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