Gold prices experienced a notable surge recently, although they eased slightly in the domestic futures market on Tuesday, July 22, due to profit booking. This comes after a previous session where gold gained over 1%, amidst a stable US dollar.

Current Prices and Market Movements

As of today, MCX Gold August contracts traded 0.10% lower at ₹99,225 per 10 grams. Simultaneously, MCX Silver September contracts were down 0.42% at ₹1,14,562 per kg around 9:10 AM. Spot gold was at $3,391.68 per ounce in the USA and C$4,642.88 in Canada.

In the United States, 22 Karat Gold is priced at Rs 8,738 per gram, while 24 Karat Gold is at Rs 9,511 per gram. 18 Karat Gold is priced at Rs 7,153 per gram.

In India, the price of gold today is ₹10,016 per gram for 24 karat gold and ₹9,181 per gram for 22 karat gold.

Expert Outlook and Analysis

Rahul Kalantri, VP of commodities at Mehta Equities, noted key support and resistance levels for gold and silver. According to Kalantri, gold has support at $3,370-3,350 and resistance at $3,422-3,440. In INR terms, gold finds support at ₹98,780-98,450, with resistance at ₹99,550-99,780.

Another expert, Jain, suggests gold has support at $3,380-3,366 and resistance at $3,424-3,442 per troy ounce. For MCX Gold, support lies at ₹98,850-98,400, while resistance is at ₹99,650-1,00,100.

Trivedi points out that MCX Gold August futures have strong support near ₹99,000 per 10 grams. A break above ₹1,00,200 could lead to further gains in the near term.

Factors Influencing Gold Prices

Several factors influence gold prices, including:

• Tariff-related uncertainties: Ongoing trade tensions and tariff-related uncertainties continue to support gold prices.
• US Dollar Stability: A stable US dollar can impact gold rates.
• Profit Booking: After a period of gains, profit booking can lead to a slight easing of prices.
• Global Economic Uncertainty: Gold is often seen as a safe-haven asset during times of political and economic uncertainty.
• US Federal Reserve Policies: Monetary policy and interest rates set by the US Federal Reserve can heavily influence global gold markets.
• Geopolitical Events: Events like the Russia-Ukraine war can increase demand for gold and raise prices.

Historical Trends and Future Expectations

Historically, gold reached an all-time high of $3500 in April 2025. Over the past month, gold's price has risen 0.71%, and is up 40.86% compared to the same time last year.

Trading Economics global macro models and analysts expect gold to trade at $3397.67 USD/t oz. by the end of this quarter and estimate it to trade at $3546.72 in 12 months.

Gold as an Investment

Gold is widely regarded as a hedge against inflation, and investors are increasingly considering it as a vital investment. Investing in gold is often seen as a way to spread risk across a balanced portfolio, as its value has historically increased when other investments have struggled.

Regional Price Variations

It's important to note that gold prices differ across cities and states within a country. These variations are due to factors such as local taxes, transportation costs, and demand-supply dynamics.