Gold prices extended their losses on Monday, July 8, as easing geopolitical tensions reduced safe-haven demand. On the Multi Commodity Exchange (MCX), gold’s August contracts opened at ₹97,172 per 10 grams, trading near a six-week low.
Analysts point to a mix of global developments — signs of an Israel-Hamas ceasefire, softened U.S.-China rhetoric, and uncertainty around U.S. trade deadlines — as key drivers behind the latest price moves.
Latest gold prices (per 10 grams) in major cities on July 8:
| City | 24k Gold Price | 22k Gold Price |
|---|---|---|
| Delhi | ₹98,990 | ₹90,750 |
| Mumbai | ₹98,840 | ₹90,600 |
| Chennai | ₹98,990 | ₹90,600 |
| Kolkata | ₹98,990 | ₹90,600 |
| Bengaluru | ₹98,990 | ₹90,600 |
| Jaipur | ₹98,840 | ₹90,750 |
| Lucknow | ₹98,840 | ₹90,750 |
| Hyderabad | ₹98,990 | ₹90,600 |
| Ahmedabad | ₹98,890 | ₹90,650 |
(Source: Good Returns)
Why are prices falling?
According to Riya Singh, Research Analyst at Emkay Global Financial Services, “Easing geopolitical tensions — including a potential Israel-Hamas ceasefire and softened rhetoric around U.S.-China trade — reduced safe-haven demand. Yet, fresh tariff threats on BRICS nations and uncertainty around the July 9 trade deadline have kept volatility alive.”
Singh also noted that while gold prices are under pressure, investor interest remains firm, reflected in rising futures and ETF inflows.
Jateen Trivedi, VP Research at LKP Securities, added: “The expiry of the U.S. trade tariff extension timeline this week keeps uncertainty around global trade deals in focus. Participants expect a possible extension, which is keeping gold under slight pressure. The upcoming U.S. Fed meeting minutes may also offer insights into the central bank’s stance.”
Outlook
Analysts expect gold to trade in the near term within a range of ₹95,500 – ₹97,500 per 10 grams, as global trade developments and U.S. Federal Reserve minutes remain in focus.
