Gold at Record High, Silver Price All time high: Gold and silver prices soared to record highs in the domestic sarafa market. Gold breached ₹1.03 lakh per 10 grams, while silver approached ₹1.20 lakh per kg. The surge mirrors strong gains in the international market, where gold is trading near $3,450 per ounce on COMEX and silver has crossed $39.
Trump Unveils ‘Massive’ Japan Trade Deal
In a major development, President Donald Trump announced what he termed a “massive” trade agreement with Japan. The deal includes a commitment of $550 billion in investment from Japan into the U.S. economy.
Trump said the United States would “receive 90% of the profits” under the new terms.
The agreement will see Japan open its markets further to U.S. exports, covering key sectors such as automobiles, trucks, rice, and agricultural goods.
China Trade Deadline Extension on Cards
U.S. Treasury Secretary Scott Bessent hinted at a likely extension of the August 12 trade deadline with China. He is expected to meet Chinese officials in Stockholm next week. The two nations had earlier agreed on a 90-day suspension of most tariffs to facilitate negotiations.
Russian Precious Metals Exports to China Soar
Bloomberg reported a sharp rise in Russian precious metal exports to China in the first half of the year, driven by record gold prices. Imports of Russian gold and silver ores and concentrates surged 80% year-on-year to $1 billion. The spike is attributed to a 28% rise in bullion prices, fueled by geopolitical tensions and robust demand from central banks and ETFs.
Russia, the world’s second-largest gold producer, has pivoted toward China as Western markets remain closed due to sanctions following the Ukraine conflict. With the Bank of Russia yet to resume bulk gold purchases, China has emerged as a key destination for Russian bullion.
Domestic Market Trends and Analyst Views
Prithvi Finmart: Trade Tensions Fuel Bullion Rally
Manoj Kumar Jain of Prithvi Finmart said, “Gold and silver extended its gains on amid approaching U.S. trade tariff deadline. The U.S. President already warned for imposing higher trade tariff on U.S. trade partners if traded deal is not finalized before 1st August. Increased trade uncertainty is supporting safe-haven buying for gold and silver.”
He added that dollar index weakness, lower U.S. 10-year bond yields, and rupee depreciation—partly due to NATO’s threat of secondary tariffs on Russian oil—are further supporting domestic prices.
Jain forecasted volatility ahead of the ECB policy meeting, but expects gold to hold support near $3,280 and silver around $36.40 on a weekly closing basis.
- Gold (COMEX): Support at $3,422–$3,409, resistance at $3,454–$3,472
- Silver (COMEX): Support at $39.20–$38.84, resistance at $39.80–$40.10
- Gold (MCX): Support at ₹99,720–₹99,200, resistance at ₹1,00,700–₹1,01,000
- Silver (MCX): Support at ₹1,14,850–₹1,14,000, resistance at ₹1,16,650–₹1,18,000
Kedia Commodity: Technical Strength in Prices
Kedia Commodity highlighted technical support for gold at ₹99,480 and ₹98,635, with resistance at ₹1,00,790. A breakout could lift prices to ₹1,01,255. Silver is showing support at ₹1,14,535 and ₹1,13,420, with resistance at ₹1,16,480; a move above this may push it toward ₹1,17,310. The market is witnessing fresh buying as prices gain and open interest rises.
SMC Global: Bullish Outlook Maintained
According to SMC Global, gold may trade between ₹99,800–₹1,01,000 and silver between ₹1,15,000–₹1,16,500 with a bullish bias. A weaker U.S. dollar and falling Treasury yields have helped gold climb to a five-week high, as traders eye progress in U.S. trade negotiations.
With key trade and geopolitical developments in play, bullion markets are expected to remain volatile but firmly supported in the near term.
Nirmal Bang View on gold and silver
Motilal Oswal Group View
Big Events of the week – United States
- Wednesday, July 23
- 07:30 PM – Existing Home Sales data for June
- Thursday, July 24
- 06:00 PM – Initial Jobless Claims (week ending July 19)
- 07:30 PM – New Home Sales figures for June
- Friday, July 25
- 06:00 PM – Durable Goods Orders (MoM) for June
Euro Area
- Tuesday, July 22
- 10:30 PM – ECB President Christine Lagarde to deliver a speech
- Thursday, July 24
- 05:45 PM – European Central Bank Interest Rate Decision
- 06:15 PM – ECB Press Conference
Japan
- Wednesday, July 23
- 07:00 AM – Bank of Japan Deputy Governor Uchida to speak
China
- Monday, July 21
- 06:45 AM – Loan Prime Rate (1-Year) announcement
- 06:45 AM – Loan Prime Rate (5-Year) for July
Other Major Developments to Watch
- U.S. President Donald Trump’s fresh statements on tariffs
- Ongoing developments in Israel, Syria, Hamas, and Gaza
- Rising tensions between Russia and Ukraine
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
