GG News Bureau
Dubai, 25th July: Gold prices in Dubai declined today amid global uncertainty and a weakening US dollar, even though the market had shown relative stability the previous day. The downturn impacted both international and domestic benchmarks.
MCX & International Prices Slide
On the MCX, the August 5 gold contract traded at ₹98,464 per 10 grams at 12:02 PM, reflecting a fall of ₹262 (0.27%). In Dubai, the price of 24-carat gold stood at ₹95,583 per 10 grams, down from ₹95,995 a day earlier.
Similarly, 22-carat gold in Dubai fell to ₹88,515, compared to ₹88,928 previously. Even 18-carat gold saw a decline, trading at ₹72,414, down from ₹72,768 the day before.
Indian Sarafa Market Overview
The Indian Sarafa market also mirrored the downward trend:
In Jaipur, 22-carat gold dropped to ₹92,250 per 10 grams from ₹92,700 the previous day. Meanwhile, silver prices remained stable, with 100 grams of silver trading at ₹11,800, unchanged from the prior session.
Global Market Movements
On international exchanges, COMEX gold slipped to $3,355.81 per ounce, down 0.40% or $13.35. In contrast, silver showed slight gains, trading at $0.05 per ounce, a rise of $0.01 (0.01%).
Expert Insights
Market outlook by Nirmal Bang suggests both gold and silver are showing signs of softness in global markets. In India, prices are expected to remain within a narrow band or decline slightly, with no major volatility anticipated.
By week’s end, gold may close on a modest uptrend, supported by robust US jobs data. This strengthens expectations that the Federal Reserve is unlikely to change interest rates for now, supporting sustained demand for precious metals.
