Gold price today

Gold rates rose in the domestic futures market Wednesday (July 16) morning, tracking positive global cues and weakness in the US dollar. Silver also traded with gains, supported by healthy demand in the spot market. Around 9:10 AM, MCX Gold August 5 contracts traded 0.19 per cent higher at ₹97,400 per 10 grams, while MCX Silver was 0.20 per cent higher at ₹1,11,705 per kg,Investors’ focus is on the US Producer Price Index (PPI) data due on Wednesday, for more cues on inflation trends in the US. On July 15, government data showed the US inflation in June surged to its highest level since February, led by President Donald Trump’s tariff policies.The Labor Department reported on Tuesday that consumer prices rose 2.7 per cent in June year-on-year. Month-over-month, inflation climbed 0.3 per cent, accelerating from a 0.1 per cent rise the previous month.As the full impact of Trump’s tariffs is expected to be visible later in the year, the uptick in June inflation numbers indicates that the US Fed may not pursue rate cuts anytime soon.June 2025 CPI was the first print to show signs of tariffs being passed through, despite disinflation in some categories holding down core CPI. Despite pressure on the Fed likely to be ratcheted up, it is almost certain to stay pat in July, with rate cuts resuming (if at all) only later in the year,” said Madhavi Arora, Lead Economist, Emkay Global Financial Services.While a delayed Fed rate cut is negative for gold, Trump’s tariffs remain a key positive for the yellow metal.In the last few days, the US President has announced tariffs against several of the country’s key trading partners, including Canada and the European Union. Trump has signalled significant progress towards a trade deal with India, declaring confidently, “We’re going to have access into India,” even as the details remain under negotiation.