Gold and silver prices extended their losses in both international and domestic markets on Thursday, weighed down by easing global trade tensions and profit-booking after recent highs.

On the Multi Commodity Exchange (MCX), gold futures for August delivery fell by Rs 487 or 0.49 per cent, settling at Rs 99,118 per 10 grams. Similarly, silver futures for September delivery declined by Rs 627 or 0.54 per cent, closing at Rs 1,15,085 per kilogram.

In the international market, spot gold held steady at $3,387.15 per ounce as of 0138 GMT, after a sharp 1.3 per cent drop in the previous session. Meanwhile, US gold futures slipped 0.1 per cent to $3,492.50.

The subdued performance comes on the back of improved risk sentiment in financial markets, following a trade agreement between the United States and Japan that lowered tariffs on auto imports from 25 per cent to 15 per cent. Additionally, reports suggest the US and European Union are nearing a similar trade pact, further cooling fears that had previously driven safe-haven buying in precious metals.

“It looked like gold was building momentum for another bullish run until trade news triggered profit-taking,” said Brian Lan, Managing Director at GoldSilver Central, Singapore. “Although the dollar has weakened, which typically supports gold, this appears to be a minor retracement. We remain broadly bullish.”

The dollar index, which measures the greenback against six major currencies, fell to a three-week low, making gold cheaper for foreign investors and offering some support to the yellow metal. On Wednesday, the dollar index settled at 96.935, down 0.16 per cent.

Spot silver slipped 0.3 per cent to $39.16 per ounce, platinum was flat at $1,411.53, and palladium dipped 1 per cent to $1,265.50.

Back home, domestic bullion markets mirrored the global trend. Gold futures dropped 0.91 per cent to Rs 99,417 per 10 grams, and silver futures slipped 0.02 per cent to Rs 1,15,634 per kilogram on Wednesday.

According to Manoj Jain, Director at India Nivesh, “The US-Japan trade deal and expectations of further agreements led to a dip in gold and silver prices from their highs. Both metals showed high volatility and lost ground after early gains.”

He added that gold prices fell from five-week highs, while silver pulled back from levels last seen nearly 14 years ago. However, Jain maintains a bullish outlook in the medium term, citing ongoing support from a weaker dollar and dovish signals from the US Federal Reserve.

Technical outlook for July 25, 2025:

• Gold (MCX): Support at Rs 99,000–98,500, resistance at Rs 99,850–1,00,100
• Silver (MCX): Support at Rs 1,14,750–1,14,000, resistance at Rs 1,16,600–1,18,000

Jain suggests buying silver on dips around Rs 1,15,000–1,14,400, with a stop loss at Rs 1,13,300 for potential upside targets of Rs 1,16,200–1,17,400.

Meanwhile, the USD-INR July futures settled slightly higher at 86.4600 on the NSE, up by 0.01per cent. Despite short-term weakness, the rupee remains under pressure from delays in the US-India trade deal and geopolitical uncertainties related to Russian oil imports.

Jain expects rupee to trade between 85.45–87.00 this week, influenced by global tariff negotiations, dollar volatility, and movements in Indian equity markets.

City-wise Gold Prices (per gram on July 24, 2025):

Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs -10,097 per gram, while 22-karat gold was priced at Rs 9,255 per gram.

Gold Price in Delhi:
The national capital recorded 24K gold at Rs 10,112 per gram, with 22K gold available at Rs 9,270 per gram.

Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,097 per gram and 22K gold at Rs 9,255 per gram.

Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 10,097 per gram, and 22-karat gold was selling at Rs 9,255 per gram.

Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 10,097 per gram, while 22K gold was available at Rs 9,255 per gram.

Gold Price in Pune:
Pune saw 24K gold trading at Rs 10,097 per gram, while 22K gold was available at 9,255 per gram.