Gold Rate In India Jumped For 2 Days In Row, 24k/100 Grams Up Rs 16,300; July 3 Yellow Metal Prediction

Gold rates in India have continued soar for two consecutive days, with 24 carat of 100 grams rising by Rs 16,300 and 10 grams up by Rs 1,630. 10 grams gold rates is nearing Rs 99,000 levels in 24 carat and Rs 91,000 mark in 22 carat.

Meanwhile, MCX gold price is near Rs 97,500 per 10 grams. Silver also gained significantly. Upcoming US data and potential weakness in dollar could be a triggering factor for upside in yellow metal.

Gold Prices In India:

The price of gold in India is at Rs 9,890 per gram for 24 karat gold, at Rs 9,066 per gram for 22 karat gold and at Rs 7,418 per gram for 18 karat gold (also called 999 gold).

In 10 grams, 24 carat is at Rs 98,900, while 22 carat and 18 carat are at Rs 90,660 and Rs 74,180 respectively. Meanwhile, 100 grams of gold prices are at Rs 9,89,000 in 24 carat, at Rs 9,06,600 in 22 carat and Rs 7,41,800 in 18 carat.

100 grams of gold price has surged by Rs 4,900 in 24 carat on July 2, and up by Rs 11,400 on July 1st. Together, the price is higher, Rs 16,300, in these two days.

MCX Gold, Silver Prices:

The MCX gold price, with an August 2025 expiry, stood at Rs 97,353 per 10 grams, mildly up. Meanwhile, the MCX silver price, with a September 2025 expiry, surged marginally to close at Rs 1,07,539 per 1kg on July 2nd.

Gold Price Outlook On July 3:

"Comex Gold moved between $3327 - $3340, while MCX Gold traded between ₹97,000 - ₹97,400, with prices expected to remain in the broader range of ₹96,500 - ₹97,850 as participants price in potential dollar weakness and upcoming U.S. data, including Non-Farm Payrolls (NFP), ADP non-farm employment, and unemployment figures," said, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

He added that the Dollar Index showing mild strength near 96.50 continues to cap sharp upside in gold.

Meanwhile, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, Gold is holding steady near $3,350 amid renewed trade tensions as Trump said he is not considering an extension and will not delay the July 9 deadline for assigning tariff rates on trading partners. Besides, traders look forward to the US jobs report, as any signs of weakness in the labor market could strengthen the case for interest-rate cuts.

Gold hovered above $3,330 per ounce on Wednesday, holding an over 1% gain from the previous session, supported by ongoing weakness in the US dollar amid fiscal concerns and trade uncertainty, as per Trading Economics.

Tradng Economics data further added, the Senate passed Trump's tax-and-spending megabill, sending it back to the House, which is projected to add $3.3 trillion to the national debt. Trump also voiced frustration over US-Japan trade talks, threatening a 35% tariff on Japanese imports. On the monetary policy front, Fed Chair Jerome Powell said the Fed remains patient on rate cuts but hasn't ruled out a reduction this month, while Treasury Secretary Scott Bessent expects cuts by September. Investors now await key US labor data this holiday-shortened week, with Thursday's payrolls report in focus for clues on the Fed's policy path. Meanwhile, easing geopolitical risks reduced gold's safe-haven appeal, as Trump said Israel agreed to a 60-day Gaza ceasefire and warned Hamas to accept before conditions worsen.

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