Gold and Silver Price Outlook: If you are planning to buy gold or silver, this news is relevant to you. Both gold and silver prices have witnessed a significant drop this week. Gold has become cheaper by ₹2,200 and silver by nearly ₹5,000. Consequently, the biggest question for those looking to invest in these metals is whether prices will fall further or if a recovery will begin from this point.

Let us find out how much the prices dropped this week, the current rates in various cities, the status of gold and silver on MCX and COMEX, and the price ranges experts anticipate going forward.

Gold cheaper by ₹2,200; silver drops by over ₹4,900
According to the India Bullion and Jewellers Association (IBJA), a decline was recorded in both gold and silver prices throughout the week.

The price of 24-carat gold fell by ₹2,209 this week, settling at ₹1,41,159 per 10 grams; previously, it stood at ₹1,43,368 per 10 grams.
The price of 22-carat gold dropped from ₹1,31,325 to ₹1,29,302 per 10 grams.
The price of 18-carat gold also fell from ₹1,07,526 to ₹1,05,869 per 10 grams.

Meanwhile, silver prices also saw a significant decline. Silver became cheaper by ₹4,917 this week, dropping to ₹2,15,474 per kilogram; previously, the price was ₹2,20,390 per kilogram. According to IBJA data, the highest price for 24-carat gold was ₹1,42,289 per 10 grams on the morning of July 13, while the lowest price was recorded at ₹1,41,159 per 10 grams on the evening of July 17. The highest price for silver was ₹2,20,391 per kilogram on the morning of July 15, whereas the lowest price was ₹2,15,474 per kilogram on the evening of July 17.

Gold prices (22 and 24 carat) in your city today, July 18:
In Delhi today, 24-carat gold is priced at ₹1,42,680 per 10 grams; the price for 22-carat gold is ₹1,30,800, and for 18-carat gold, it is ₹1,07,050 per 10 grams.
In Mumbai and Kolkata, 24-carat gold is selling at ₹1,42,530, 22-carat at ₹1,30,650, and 18-carat at ₹1,06,900 per 10 grams.
In Chennai, 24-carat gold is priced at ₹1,42,910, 22-carat at ₹1,31,000, and 18-carat at ₹1,09,200 per 10 grams.
In Patna, 24-carat gold is priced at ₹1,42,580, 22-carat at ₹1,30,700, and 18-carat at ₹1,06,950 per 10 grams.
Meanwhile, in Lucknow, Meerut, Ayodhya, Kanpur, Ghaziabad, Noida, Gurugram, and Chandigarh, the price was recorded at ₹1,42,680 for 24-carat gold, ₹1,30,800 for 22-carat gold, and ₹1,07,050 for 18-carat gold per 10 grams.

What is the silver rate today? Today, the price of 100 grams of silver in Delhi, Mumbai, Kolkata, Patna, Lucknow, Meerut, Ayodhya, Kanpur, Ghaziabad, Noida, and Gurugram is ₹23,500, while 1 kg of silver is selling for ₹2,35,000.

In Chennai, the price is ₹24,000 for 100 grams and ₹2,40,000 for 1 kg of silver.

What’s next for MCX? Experts predict the price range for gold.
According to market experts, MCX gold closed lower this week but is attempting to hold its ground near the crucial ₹1,40,000 level. If gold slips decisively below ₹1,40,000, the price could drop to the support zone of ₹1,39,300–₹1,38,700.

On the upside, the ₹1,40,700–₹1,41,000 range is considered the first resistance level. Beyond that, the ₹1,42,000–₹1,42,700 range would be the next key level. A strong move above these levels could accelerate a recovery.

Will silver get cheaper?
MCX silver remains under pressure. Experts identify the ₹2,17,000–₹2,18,000 range as the initial resistance level on the upside, followed by the crucial ₹2,20,000–₹2,21,000 range.

If prices drop below the ₹2,15,000–₹2,14,000 mark, silver could slide to the ₹2,11,000–₹2,10,000 range.

What is the status of COMEX Gold and Silver? Gold closed lower in the global market this week and is attempting to sustain itself above the critical level of $4,000 per ounce. If this level is breached, the price could slide to between $3,920 and $3,900 per ounce. Conversely, if it gains strength above the $4,050–$4,070 range, gold could rally towards $4,120–$4,150 per ounce.

COMEX silver also remains under pressure, trading near the support level of $55–$54.50 per ounce. If this support gives way, the price could drop to $53. On the other hand, a move above $56.50–$57 could trigger a rebound, potentially pushing prices up to $59 per ounce.

Why did gold and silver prices fall this week?
According to experts, both metals faced downward pressure due to escalating tensions between the US and Iran, volatility in crude oil prices, and uncertainty regarding the US Federal Reserve's interest rate stance.

Will gold and silver prices fall further?
Experts currently believe that market volatility is likely to persist. If gold slips below its key support level, the decline could deepen; conversely, holding above the resistance level could lead to a price recovery. Consequently, in the coming days, investors will be closely monitoring US-Iran tensions, crude oil price movements, and the next signals from the US Federal Reserve.

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