In India, gold traded at ₹99,770 per 10 grams for 24-karat purity. The price for 22-karat gold stood at ₹91,450. For 18-karat gold, it was ₹74,830, according to Goodreturns.
Renewed trade tensions pushed safe-haven demand higher. US President Donald Trump threatened fresh 30% tariffs on imports from Mexico and the EU starting August 1.“Gold remains the asset of choice when tariff tensions flare up. Its move towards $3,350 shows this again,” said Tim Waterer, Chief Market Analyst at KCM Trade.
He warned that firm treasury yields and a strong dollar could cap further gains unless yields drop or geopolitics worsen.
Rahul Kalantri, VP Commodities at Mehta Equities, flagged sharp swings in bullion.Kalantri pegged gold’s support at $3,330–$3,305 an ounce and resistance at $3,370–$3,390 an ounce. In rupee terms, support lies at ₹97,390–₹97,000 per 10 grams. with resistance at ₹98,110–₹98,380 per 10 grams.
Jateen Trivedi, VP Research Analyst at LKP Securities, said uncertainty is high, boosting safe-haven demand.
“Gold stays positive as long as it trades between ₹97,500 and ₹99,500 per 10 grams,” he noted.
Markets now look to the US consumer price index due later on Tuesday (July 15). Economists expect headline inflation to rise to 2.7% from 2.4% in May. Core inflation may hit 3.0%.
Trump renewed his attack on the Fed this week, saying rates should be at 1% or lower. Markets are pricing in up to 50 basis points of rate cuts by December.
Gold often gains in a low-rate environment. A soft inflation print or signs of slowing growth could push prices closer to $3,400 an ounce.
–With Reuters inputs
