Gold prices surged on Friday, July 4, 2025, on both domestic and global fronts as investors sought refuge in safe-haven assets amid rising fiscal concerns in the United States. On the Multi Commodity Exchange (MCX), gold futures rose by Rs 135 or 0.14% to settle at Rs 97,114 per 10 grams, while silver futures gained Rs 174 or 0.16% to close at Rs 1,07,459 per kilogram.

Globally, spot gold climbed 0.4% to $3,340.79 per ounce, heading for a weekly gain of over 2%. Meanwhile, US gold futures rose 0.3% to $3,351 per ounce, following the passage of President Donald Trump's tax-cut and spending bill, which is raising fresh concerns over the US fiscal deficit. The nonpartisan Congressional Budget Office estimates the move will add $3.4 trillion to the US national debt in a decade.

According to analysts, these developments could weaken the US dollar in the longer term, making gold more attractive for investors.

“Gold and silver prices remained volatile but saw upward movement due to rising US debt concerns and the dollar's pullback,” said Manoj Jain, Director, India Nivesh.

Jain pointed out that domestic gold August futures settled at Rs 96,782, down 0.62%, while silver September futures ended at Rs 1,08,236, up 0.67%. In international trade, gold futures were down 0.50%, while silver gained nearly 1%.

However, upbeat US non-farm employment data capped gold’s gains. The US added 147,000 jobs in June, beating expectations of 111,000. The unemployment rate fell to 4.1%, and jobless claims dropped to 2,33,000, easing some safe-haven demand for bullion.

Jain added, “Gold support lies at $3,280 and resistance at $3,384. On the MCX, support is at Rs 96,360 and resistance at Rs 97,440. For silver, support is around Rs 1,07,400 and resistance at Rs 1,09,500.”

The US dollar index, which had earlier risen due to strong economic data, is now showing signs of weakness. It posted its second straight weekly loss, making gold cheaper for non-dollar holders. The USD-INR July futures closed lower at 85.4225, indicating strength in the rupee, partly due to optimism around a potential US-India trade deal and gains in domestic equity markets.

Outlook:
Precious metals are expected to remain volatile in the coming days, driven by movements in the dollar index, progress in US trade negotiations, and geopolitical cues. Silver is seen outperforming in case of further tariff clarity or trade breakthroughs.

City	24K	22K
Mumbai	Rs 9,873	Rs 9,050
Delhi	Rs  9,888	Rs 9,065
Chennai	Rs  9,873	Rs 9,050
Kolkata	Rs  9,873	Rs 9,050
Bengaluru	Rs  9,873	Rs 9,050

In Mumbai, the price of 24-karat gold stood at Rs 9,873 per gram, while 22-karat gold was priced at Rs 9,050 per gram.

The national capital recorded 24K gold at Rs 9,888  per gram, with 22K gold available at Rs 9,065 per gram.

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,873 per gram and 22K gold at Rs 9,050 per gram.

In Kolkata, 24-karat gold was priced at Rs 9,873 per gram, and 22-karat gold was selling at Rs 9,050 per gram.

Bengaluru saw 24K gold trading at Rs 9,873 per gram, while 22K gold was available at Rs 9,050 per gram.

Pune saw 24K gold trading at Rs 9,873 per gram, while 22K gold was available at 9,050 per gram.