Gold, silver prices today, 8 July: Check retail rates of 24K, 22K gold, 999 silver in Delhi, Mumbai and Kolkata
Gold and silver prices: The price of the yellow metal in India’s retail market dropped on Wednesday, 8 July, due to negative global cues, primarily driven by rising tensions between the US and Iran, with both 24-karat and 22-karat gold rates showing a marginal decline across major cities. Silver prices, on the other hand, also declined in the domestic bullion market.
MCX gold rate on 8 July was trading 0.36% lower at ₹145,350 per 10 grams. MCX silver futures, on the other hand, were trading about 0.39% lower at ₹230,160 per kg at around 9:13 am.
Oil prices rose on Wednesday after the US launched fresh strikes on Iran in retaliation for Tehran attacking commercial vessels in the Strait of Hormuz.
West Texas Intermediate futures for August delivery rose 2.87% to $72.46 per barrel. Futures for the international benchmark Brent crude for September delivery jumped 2.75% to $76.18 per barrel.
Important geopolitical developments
Oil jumps as US ‘powerful strikes’ against Iran risk unravelling fragile Mideast truce
The US military said it had begun a “series of powerful strikes” against Iran after three commercial vessels transiting the Strait of Hormuz came under attack on Tuesday, warning Tehran would face “heavy costs” for targeting commercial shipping, reported CNBC US.
The latest exchange threatens to test a fragile ceasefire reached last month, which reopened the critical Strait of Hormuz to commercial shipping after months of disruption.
“Strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz. Iran’s demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire,” the US Central Command said in a post on X.
US revokes Iran oil sales authorisation after tanker attacks
The US Treasury Department on Tuesday revoked its authorisation of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz this week.
“Iran will only reap benefits if they exhibit good behaviour,” a US official told CNBC, speaking on condition of anonymity to talk about private discussions. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences.”
Trump renews Greenland threats at NATO summit, says US could remove troops from Europe
US President Donald Trump on Tuesday revived his push for the United States to acquire Greenland and suggested that the United States could pull all of its armed services members out of Europe in response to the Continent’s continued pushback on the issue.
The island territory “should be controlled by the United States,” Trump said shortly after he arrived in Ankara, Turkey, for a NATO summit.
China’s rare missile test will push wary Asia-Pacific countries to close ranks, analysts say
China’s rare launch of a ballistic missile from a nuclear submarine into the Pacific, demonstrating the sea-based leg of its nuclear arsenal, will push countries in the region to wall themselves off from Beijing by tightening defence ties.
Changes in gold and silver prices today
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it’s more durable.
Here’s a look at the latest gold prices across major Indian cities on 8 July.
Gold Prices in New Delhi — 8 July
24 karat gold rate in New Delhi — ₹144,840/10 gm
22 karat gold rate in New Delhi — ₹132,770/10 gm
Silver 999 Fine rate in New Delhi — ₹229,350/1 kg
Gold Prices in Mumbai — 8 July
24 karat gold rate in Mumbai — ₹145,090/10 gm
22 karat gold rate in Mumbai — ₹132,999/10 gm
Silver 999 Fine rate in Mumbai — ₹229,740/1 kg
Gold Prices in Bengaluru — 8 July
24 karat gold rate in Bengaluru — ₹145,450/10 gm
22 karat gold rate in Bengaluru — ₹133,329/10 gm
Silver 999 Fine rate in Bengaluru — ₹230,350/1 kg
Gold Prices in Kolkata — 8 July
24 karat gold rate in Kolkata — ₹145,140/10 gm
22 karat gold rate in Kolkata — ₹133,045/10 gm
Silver 999 Fine rate in Kolkata — ₹229,860/1 kg
Gold Prices in Hyderabad — 8 July
24 karat gold rate in Hyderabad — ₹145,560/10 gm
22 karat gold rate in Hyderabad — ₹133,430/10 gm
Silver 999 Fine rate in Hyderabad — ₹230,530/1 kg
Gold Prices in Chennai — 8 July
24 karat gold rate in Chennai — ₹145,760/10 gm
22 karat gold rate in Chennai — ₹133,613/10 gm
Silver 999 Fine rate in Chennai — ₹230,840/1 kg
