MCX Gold Hits Record On July 23: Gold Rate in India Up By Rs. 28,000 in Just 7 Days; Silver Joins the Rally

Gold rate in India hit a fresh all-time high on Wednesday, July 23, on the Multi Commodity Exchange (MCX), continuing their strong rally for the seventh straight session. The yellow metal has gained nearly 3% this week alone and is now super expensive for Indian gold buyers.

MCX gold prices today

On MCX, gold futures prices for August expiry opened at a new record of Rs. 1,00,399 per 10 grams in early trade. However, gold prices later slipped slightly from the intraday high to Rs. 1,00,081, down by Rs. 248, or 0.25%, at the time of writing.

"In the week ahead, traders will closely monitor Fed Chair Powell's speech, China's loan prime rate decision, and key US macro releases, including PMI and durable goods orders, which could shift interest rate expectations and determine the next directional impulse for gold globally and on MCX." said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services.

Singh further added that geopolitical uncertainties, especially with the US sticking to its August 1 tariff deadline, are keeping safe-haven demand for gold elevated. "The World Gold Council has already reported a 26% YTD rally in gold, with projections suggesting another 0-5% upside," she said.

Silver Price on MCX

Just like the gold price, Silver Futures on MXC also experienced a sharp rally, breaking all records this morning. Silver futures maturing on 5th September were standing at Rs. 1,15,983 per KG, with gains of 328 points, or 0.28%.

Spot gold prices today

Despite the rally in the gold rate in India, spot gold prices showed a slight correction on Wednesday. After touching a peak of $3,400 per ounce, the highest since June. Spot gold eased by 0.2% to $3,422.95 per ounce, according to Reuters.

"Spot gold prices extended their gains for the 2nd day in a row by gaining more than 1%, while silver prices rose almost 1% yesterday. Spot Gold is likely to face stiff resistance near $3450 and move back towards $3380 on trade deal optimism. The US President has announced a new trade agreement with Japan that includes a 15% tariff on Japanese exports to the US, which is less than the 25% tariff he had threatened earlier" as per the ICICI Commodity Research Report.

Gold Rate in India Today

In the retail market as well, the gold rate in India surged past record levels, rising Rs. 1040 per 10 grams for 24-carat gold, which is currently at Rs. 1,02,330 per 10 grams. Similarly, 22-carat gold rates today surged by Rs. 950 per 10 grams to cost Rs. 93,800. In a similar manner, the cheaper variant, or the 18-carat gold rate, surged to Rs. 76,750 per 10 grams after rising Rs. 780.

City-Wise Gold Rates Today

Here's the latest city-wise update on 22-carat and 24-carat gold rates as of July 23rd.

Gold Rates in Chennai

Gold Rates in Bangalore

Gold Rates in Hyderabad

Gold Rates in Mumbai

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