In India, gold trades at ₹99,000 for 10 grams of 24 karat gold, ₹90,750 for 10 grams of 22 karat gold, and ₹74,250 for 10 grams of 18 karat gold, as per Goodreturns data.
The uptick follows US President Donald Trump’s announcement of a 35% tariff on Canadian imports starting August 1. Trump also signalled blanket tariffs of 15–20% on most other trade partners, escalating concerns about global supply chains.
However, gains remained capped as the US dollar strengthened. The dollar index is on track for its best weekly performance since late February, making gold costlier for overseas buyers.
“Despite the renewed tariff war, gold hasn’t surged like before because investors are used to Trump’s policy moves,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Weekly US jobless claims fell to a seven-week low, hinting at steady employment. Strong labour data could delay fresh rate cuts by the Federal Reserve, which would normally weigh on gold’s appeal.
“Looking ahead, gold’s next support is at $3,315 per ounce while resistance is seen at $3,355–$3,370 per ounce,” Rahul Kalantri, VP Commodities, Mehta Equities noted. In rupee terms, gold has support at ₹96,390–₹96,080 per 10 grams and resistance at ₹97,110–₹97,380 per 10 grams.
Aksha Kamboj, Vice President of the India Bullion and Jewellers Association, said, “Tariff threats and hints at more policy shifts are pushing investors to safe havens, but the strong dollar is limiting upside for now. The market is also watching US inflation data and the Fed’s next move.”
-With Reuters inputs
First Published: Jul 11, 2025 10:34 AM IST
