Gold Rate Today: Yellow metal rises to Rs 96,790/10 gms on weaker dollar, tariff uncertainty ahead of July 9 deadline
surged on Tuesday, supported by a
weaker dollar
and heightened uncertainty over U.S. President Donald Trump's tariff policies ahead of the July 9 deadline, driving investors toward
safe-haven assets
.
At 10:13 am, August gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 96,788 per 10 grams, up Rs 713 from the previous close. Meanwhile, August silver futures rose by Rs 459 or 0.43% to Rs 1,06,696 per kg.
In the global market, Spot gold was up 0.4% at $3,315.26 per ounce, as of 0229 GMT, while U.S. gold futures rose 0.6% to $3,326.50.
The U.S. dollar index fell 0.1% to a more than three-year low, making bullion more affordable for holders of other currencies.
Trump expressed frustration with U.S.-Japan trade negotiations on Monday as U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs, as a July 9 deadline approaches despite good-faith negotiations.
Meanwhile, Trump continued to press the Federal Reserve on Monday to ease monetary policy, sending Fed Chair Jerome Powell a list of global central bank interest rates, annotated with handwritten comments saying U.S. rates should be between Japan's 0.5% and Denmark's 1.75%.
"Gold rebounded from five-week lows due to short covering and bargain hunting, while a weaker dollar—hitting a 43-month low—which favoured bullish sentiment in gold. The dollar index declined following weak U.S. GDP data and a stronger Euro, as concerns over U.S. tariffs and inflation continue to weigh," said Rahul Kalantri, VP Commodities, Mehta Equities.
Investors are closely monitoring a series of U.S. labour market reports in this holiday-shortened trading week, culminating in Thursday's government payrolls data, for insights into the Fed's monetary policy direction.
The market is currently anticipating a 67-basis-point rate cut beginning in September.
Spot silver fell 0.8% to $35.80 per ounce, platinum was down 0.7% to $1,343.61, while palladium gained 0.9% to $1,107.25.
"Gold has support at $3285-3265 while resistance at $3335-3355. Silver has support at $35.74-35.55 while resistance is at $36.25-36.50. In INR gold has support at Rs 95,810-95,580 while resistance at Rs 96,480-96,750. Silver has support at Rs 1,04,780-1,04,150 while resistance at Rs 1,06.250-1,06,900," Kalantri said.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,304/8 grams while pure gold (24 carat) prices stand at Rs 62,232/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,680/8 grams while pure gold (24 carat) prices stand at Rs 60,376/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,704/8 grams while pure gold (24 carat) prices stand at Rs 60,464/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,800/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
30 minutes ago
- Hindustan Times
Why is Donald Trump 'looking into' deporting Tesla CEO Elon Musk? Feud explained
US President Donald Trump has threatened to deport Tesla CEO Elon Musk after the billionaire stepped up his criticism of Trump's tax cuts and spending bill. Tesla and SPaceX CEO Elon Musk (L) and US President Donald Trump shake hands as they attend the men's NCAA wrestling competition at the Wells Fargo Center in Philadelphia.(AFP) Trump has also suggested that the Department of Government Efficiency (DOGE) review subsidies given to Musk, including those received by Tesla and SpaceX, to save money. The fresh remarks from the President came after Musk renewed his criticism of his 'One Big Beautiful Bill,' which the Trump administration hopes to bring as law by July 4. Read More: US Senate narrowly passes Donald Trump's 'big, beautiful' tax bill When asked if he is looking into deporting Musk, Trump said, 'I don't know. We'll have to take a look.' Trump has also suggested putting 'DOGE on Elon', a move that is likely to create hurdles for Tesla and Musk's business empire. "We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon. He gets a lot of subsidies. But Elon is very upset that the EV mandate is going to be terminated. Not everybody wants an electric car," Trump told reporters at the White House. Following Trump's threat, Musk responded: "So tempting to escalate this. So, so tempting. But I will refrain for now." Trump-Musk tension escalates Elon Musk, a close aide of Trump, has been at loggerheads with the US President months after the billionaire endorsed the Republican President for his second term and also funded his election campaign. However, the rivalry between the two has escalated in recent months over $4 trillion spending and tax bill. Musk, who is vocal of the bill's negative impact on America's national debt, has also threatened to support those challenging the lawmakers who vote for the bill. Also Read: Indian-origin NASA astronaut Anil Menon to embark on first International Space Station mission Trump has attributed Musk's opposition to the bill to the elimination of subsidies that many of the billionaire's business ventures benefit from. The US President took to social media, threatening to withdraw subsidies from Musk's companies, saying, "Elon would probably have to close up shop and head back home to South Africa." "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!," Trump posted on his social media platform Truth Social. Musk, who has attacked Trump's bill as an "insane spending bill", has also threatened to help create a third political party in the US. Can Trump deport Elon Musk? Musk, who moved to the United States in 1992, is a US citizen since 2002. Born to a Canadian mother and a South African father, Trump became an American citizen by naturalisation after he moved to the US to study at the University of Pennsylvania, according to Politifact. Also Read: Trump hints at trade deal with India with 'much less tariffs' amid deadlock Since Musk is a US citizen, President Trump cannot deport him unless his citizenship is revoked. However, the US government has the power to revoke citizenship through a process called 'denaturalisation'. The government has the power to take away the citizenship of a naturalized citizen if it is proved that the naturalization was obtained through fraud.
Time of India
36 minutes ago
- Time of India
The US sends lots of plastic trash overseas. Malaysia just said no thanks
In the shadow of President Donald Trump's tariff fights, a different kind of trade war is playing out involving candy wrappers and plastic bottles. On Tuesday, Malaysia , which received more discarded plastic from rich nations than any other developing country last year, effectively banned all shipments of plastic waste from the United States. That might not seem like a big deal. But the United States has increasingly relied on countries like Malaysia to deal with plastic trash. American scrap brokers sent more than 35,000 tons of plastic waste to Malaysia last year, according to trade data analyzed by the Basel Action Network, a nonprofit group that tracks plastic waste issues. Last year, after seizing more than 100 shipping containers of hazardous materials sent from Los Angeles that had been improperly labeled as raw materials, the Malaysian environment minister, Nik Nazmi, told reporters that "we do not want Malaysia to be the world's rubbish bin." The country's Ministry of Investment, Trade and Industry did not respond to a request for comment Tuesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Turmoil in the little-known trade in plastic waste has its roots in a decision by China in 2018, for the same reasons as Malaysia, to ban imports of wastepaper and plastic. Before that, China had for years accepted as much as half of the globe's discarded plastic and paper. Western nations have since struggled with a buildup of plastic trash. The United States recycles less than 10% of the plastic it discards. (Food and other contamination in plastic waste hinders recycling, and a significant portion of plastic, like chip bags that contain layers of different plastics and other materials, simply can't be recycled economically.) Live Events The rest ends up in landfills, is burned or is shipped overseas. And while new overseas destinations have emerged, a growing number of countries are starting to say no to trash. This year, Thailand and Indonesia also announced bans on plastic waste imports. The world produces nearly 500 million tons of plastic each year, more than double the amount from two decades ago, and a growing amount of plastic waste is turning up on coastlines and riverbanks, as well as in whales, birds and other animals that ingest them. Researchers have estimated that one garbage truck's worth of plastic enters the ocean every minute. China's ban "sent shock waves through the global plastic waste trade," said Tony R. Walker, a professor at the School for Resource and Environmental Studies at Dalhousie University in Halifax, Nova Scotia, who researches the global flow of plastic waste. The countries that started to accept that discarded plastic "quickly became overwhelmed," he said. Much of that plastic trash ends up dumped in landfills or is burned, which releases harmful air pollution, or is simply released into the environment. People in rich countries may assume the plastic they diligently separate is being recycled, he said, something he termed "wish cycling." However, instead of going into a recycling stream, "a lot of it gets redirected to waste," he said. Malaysia's amended Customs Act bans all plastic waste shipments from countries that have not signed the Basel Convention , a global agreement that regulates hazardous waste, including plastic. That puts the United States, the only major country that is not a party to the agreement, in a particularly tricky spot. The amended law also sets stringent restrictions on plastic waste imports from other countries, saying they must contain only one type of plastic, with at most 2% contamination, to ensure that the imported plastics are recycled and not discarded. That level would be challenging to meet for any plastic waste collected from consumers. In an email to clients sent June 20 and shared with The New York Times, Steve Wong, CEO of global plastic waste broker Fukutomi, said shipments of scrap plastic to Malaysia had already "come to a virtual standstill." Ross Eisenberg, president of America's Plastic Makers, an industry group, said the effects of Malaysia's import policy on plastic waste remained unclear. Nevertheless, "our industry remains focused on scaling up the use of recycled plastics in new products," he said. "These efforts support American jobs and drive economic growth, while conserving our natural resources and helping to prevent plastic pollution." Malaysia's ban on plastic waste imports from the United States was prompted by the discovery of hundreds of containers filled with hazardous electronic and plastic waste that had been falsely declared as raw materials in order to bypass the country's trade control laws, said Wong Pui Yi, a researcher at the Basel Action Network. But local industry associations have urged the government to lift the ban on clean, recyclable plastic imports, arguing that the imports are necessary to help manufacturers meet their recycled-content targets. Brands like Nestlé, Coca-Cola and Pepsi have committed to using more recycled material in their products, said C.C. Cheah, the president of Malaysian Plastics Manufacturers Association , and the Malaysian recycling industry could still play a role. Kate O'Neill, a professor of environmental science, policy and management at the University of California, Berkeley, said Malaysia's ban could mean that plastic waste starts flowing to other countries that are less able to handle the waste. Monitoring will be important, she said. "The recycling industry still hasn't caught up with the disruption, so these exports are still needed." That's why experts increasingly say that, on top of investing in recycling infrastructure, policies are needed to help rein in plastic production itself, for example by curbing demand for single-use plastics. Some countries negotiating a new treaty aimed at curbing plastic pollution have also called for caps on plastic production. That could come from packaging designs that cut down on plastic use, measures like plastic bag bans and overall policies that make manufacturers more responsible for the waste their products generate. Those policies have been spreading across the United States as well as globally. On Tuesday, a law went into effect in Illinois that prohibits large hotels from providing small, single-use plastic bottles for toiletries like shampoo and conditioner. (Smaller hotels have until 2026 to comply.) Also on Tuesday, Delaware began prohibiting restaurants from providing foam food containers, plastic beverage stirrers and plastic cocktail and sandwich picks, and requires that single-use plastic straws are only given out at the customer's request.
News18
36 minutes ago
- News18
IndusInd Bank Falls Nearly 3% After Goldman Sachs Downgrades To 'Sell'; Check Target Price
Last Updated: IndusInd Bank share price dropped nearly 3% intraday following global brokerage Goldman Sachs' downgrade; Check latest target price IndusInd Bank Share Price Today IndusInd Bank share price dropped nearly 3 per cent intraday following global brokerage Goldman Sachs' downgrade to 'sell'. Goldman Sachs said the bank has become a 'weak franchise" and will see weak growth ahead. It also predicts weak return ratios in the coming financial years and has cut EPS estimates by 25 per cent for FY26 and 17 per cent for FY27. Goldman Sachs has set a target price of Rs 700 on the stock, suggesting 20.3 per cent downside from current levels.
