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Gold Price Today, July 16: In Mumbai, the price of gold stands at Rs 91,000 per 10 grams for 22-carat and Rs 99,280 per 10 grams for 24-carat.
Gold Price Today, July 16.
Gold, Silver Prices In India Today, July 16: Gold prices on Wednesday declined further, pressured by stronger-than-expected US inflation data and a firm dollar index. In Mumbai, the price of gold stood at Rs 91,000 per 10 grams for 22-carat and Rs 99,280 per 10 grams for 24-carat.
Silver also declined by Rs 1,000 to trade at Rs 1,14,000 per kg.
However, in the futures market on the MCX, gold futures (expiring on August 5, 2025) were trading higher by 0.18% at Rs 97,382 per 10 gram, while silver (expiring on September 5, 2025) rose by 0.25% to trade at Rs 1,11,768 per kg.
Rahul Kalantri, vice-president of Mehta Equities, said, “Gold and silver prices declined further in a volatile trading session, pressured by stronger-than-expected US inflation data and a firm dollar index. Elevated inflation dims the possibility of near-term rate cuts by the US Federal Reserve, sparking broad-based selling in precious metals. The dollar index surged to a 3-week high, breaching the 98-mark and weighing further on bullion. However, rising global trade tensions may lend some support to prices at lower levels.”
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On July 16?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 91,150 | Rs 99,430 |
| Jaipur | Rs 91,150 | Rs 99,430 |
| Ahmedabad | Rs 91,050 | Rs 99,300 |
| Patna | Rs 91,050 | Rs 99,300 |
| Mumbai | Rs 91,000 | Rs 99,280 |
| Hyderabad | Rs 91,000 | Rs 99,280 |
| Chennai | Rs 91,000 | Rs 99,280 |
| Bengaluru | Rs 91,000 | Rs 99,280 |
| Kolkata | Rs 91,000 | Rs 99,280 |
International Cues
The dollar index rose 0.5% to its highest in three weeks on Tuesday, while the 30-year Treasury yield inched past 5% after US inflation data indicated evidence of tariff impacts.
Prices increases across an array of goods drove inflation higher in June in what economists see as evidence of the Trump administration’s increasing import taxes passing through to consumers.
US consumer prices rose 0.3% in June, a roughly 3.5% annual rate, after a 0.1% increase in May.
In its daily market update, Morgan Stanley said that US inflation is beginning “to show signs of tariff pressure”. Markets have digested tariff inflation effects and appear to “seemingly brace for the Fed to remain on hold for longer”, it added.
Odds of a Fed rate cut in September fell after the data, with markets now pricing in 44 basis points of cuts this year, down from more than 50 bps before the data. Expectations of a July cut, already minimal, declined further.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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