Gold rate today, July 11: 24K gold at Rs 14,483/g, 22K at Rs 13,276; silver at Rs 240.10/g

Gold prices in India remained elevated on July 11, with 24-carat gold priced at Rs 14,483 per gram, 22-carat gold at Rs 13,276 per gram, and 18-carat gold at Rs 10,863 per gram in most cities. Silver, meanwhile, traded at Rs 240.10 per gram, or Rs 2,40,100 per kilogram, reflecting sustained investor interest in precious metals amid global uncertainty.

The bullion market has witnessed sharp swings over the past week as investors reacted to developments surrounding the ongoing US-Iran conflict. Although reports indicate that Washington and Tehran will continue peace talks despite recent exchanges of missile strikes, concerns over geopolitical stability, energy supplies and inflation continue to support demand for safe-haven assets like gold.

Earlier this week, gold futures on the Multi Commodity Exchange (MCX) traded lower. The August contract opened at Rs 1,45,200 per 10 grams, compared with the previous close of Rs 1,45,392. During the trading session, the contract slipped to an intraday low of Rs 1,44,750 per 10 grams before recovering some losses. At one stage, gold futures were trading around Rs 1,45,000 per 10 grams, down about 0.27 per cent.

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Silver futures also witnessed selling pressure. The September contract opened at Rs 2,30,015 per kilogram, lower than the previous close of Rs 2,30,857, and later declined to an intraday low of Rs 2,28,925 per kilogram before trimming losses.

Across major cities, gold prices showed only minor variations. In New Delhi, 24-carat gold was priced at Rs 14,496 per gram, while 22-carat gold was available at Rs 13,291 per gram. In Mumbai, Kolkata, Bengaluru and Hyderabad, 24-carat gold was quoted at Rs 14,483 per gram and 22-carat gold at Rs 13,276 per gram. Chennai continued to record the highest prices among major metros, with 24-carat gold at Rs 14,565 per gram and 22-carat gold at Rs 13,351 per gram.

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At the national level, 10 grams of 24-carat gold costs Rs 1,44,830, while 22-carat gold is priced at Rs 1,32,760 per 10 grams. Prices differ marginally across cities due to local taxes, transportation charges and jewellers' pricing policies.

Silver prices also remained firm in the retail market. The metal is currently priced at Rs 240.10 per gram, Rs 2,401 per 10 grams, Rs 24,010 per 100 grams, and Rs 2,40,100 per kilogram in most cities. In Chennai, Hyderabad and Kerala, silver traded slightly higher at Rs 2,44,900 per kilogram.

Globally, spot gold hovered around $4,118 per ounce, while spot silver traded above $60 per ounce. Analysts said investors continue to favour precious metals as geopolitical tensions and macroeconomic uncertainty keep risk appetite subdued.

Apart from geopolitical developments, gold prices are also being influenced by expectations surrounding the US Federal Reserve's monetary policy. Markets continue to assess the likelihood of another interest rate hike this year, although policymakers have maintained that future decisions will depend on incoming economic data. Higher interest rates typically reduce the appeal of non-yielding assets like gold, while expectations of lower rates tend to support bullion prices.

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Crude oil prices have also remained elevated, with Brent crude trading near $77 per barrel and US WTI crude above $72 per barrel. Rising energy prices have renewed inflation concerns globally, adding another layer of support for gold as a traditional hedge against inflation.

Analysts expect gold and silver prices to remain volatile in the coming sessions as investors closely monitor geopolitical developments, crude oil prices, US inflation data and signals from the Federal Reserve, all of which are likely to determine the near-term direction of precious metals.