Gold Prices Today, July 10: Gold rates traded in a narrow range on Friday (July 10) after gaining in the previous session, as a weaker US dollar helped support bullion prices. However, persistent concerns over rising oil prices and the possibility of higher US interest rates kept gains in check, leaving the precious metal on track for a weekly loss.
Despite the subdued trading, gold has declined more than 1 per cent over the past week.
Gold Price Today
As of 6:35 am, spot gold edged lower to USD 4,120.12 per ounce, trading within a relatively tight USD 17 range during the session. Meanwhile, spot silver rose 0.2 per cent to USD 60.10 per ounce, although the white metal was also headed for a weekly decline, mirroring the trend seen in gold.
Trump signals possible Iran deal
Geopolitical developments remained in focus after US President Donald Trump suggested that Iran was interested in restarting negotiations.
“They called a little while ago. They want to make a deal so badly,” Trump said, indicating that diplomatic talks could resume.
The comments eased some concerns over escalating geopolitical tensions, although market participants continued to monitor developments closely.
Rising oil prices add pressure on gold
Crude oil prices were on track to post strong weekly gains, reinforcing concerns that higher energy costs could fuel inflation.
- WTI crude futures were up 4.7 per cent for the week.
- Brent crude futures gained 5.7 per cent over the same period.
According to the CME FedWatch Tool, markets are pricing in approximately a 65 per cent probability of a rate hike at the September FOMC meeting, with investors also expecting at least one additional rate increase in 2026.
Higher interest rates generally reduce the appeal of non-yielding assets like gold, as investors shift toward interest-bearing investments.
Weaker US dollar limits downside
Despite the bearish pressure from rising oil prices and rate hike expectations, losses in gold were limited by weakness in the US dollar.
The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, slipped 0.2 per cent to 100.77 and was also on track for a modest weekly decline.
A weaker dollar typically supports gold prices by making the metal more affordable for buyers using other currencies, thereby boosting global demand.
Market Outlook
Investors are now awaiting key economic data from the United States, which could provide fresh clues about the health of the world’s largest economy and the Federal Reserve’s future policy path.
Upcoming inflation, employment, and economic growth data are expected to play a crucial role in determining the direction of both the US dollar and gold prices in the coming weeks.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
