Gold Rate Today: Prices remain firm on safe haven demand

Gold prices kept above $1,950 remaining firm on a safe haven of demand.

Gold prices kept above $1,950 on July 18, remaining firm on a safe haven of demand. Inflation cooling off in the US contributed to the recent surge in gold prices. This positive trend in prices was further emphasised by its best weekly gain since April.

A decline was witnessed in the dollar index when compared to major currencies as the dollar wobbled near an over one-year low against its major peers on July 18.

The U.S. dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.

Conversely, investors expect the European Central Bank and the Bank of England to have further to go in their rate-hike cycle.

Market participants now await the upcoming monetary policy meeting of the Fed on July 26, which will provide crucial insights into the central bank's stance on interest rates and its overall policy. Any indications of a potential pause or adjustment in interest rates could significantly impact gold prices.

Latest Gold Prices
The latest gold rate for Mumbai, Bengaluru and Ahmedabad on July 18 are as follows:

Mumbai
The 24-carat 999 gold bar of 10 grams is trading at Rs 59,410. On the other hand, the 22-carat gold rate for a 10-gram piece of jewellery stands at Rs 5,740, while the rate for an 18-carat jewellery item is Rs 47,520. These prices have been sourced from Shree Mumba Devi Dagina Bazaar Association, and do not include a 3 per cent Goods and Services Tax (GST).

Bengaluru
The 24-carat 999 gold bar of 10 grams is trading at Rs 59,500. On the other hand, the 22-carat gold rate for a 10-gram piece of jewellery stands at Rs 57,450.

AhmedabadThe 24-carat 999 gold bar of 10 grams is trading at Rs 61200. On the other hand, the 22-carat gold rate for a 10-gram piece of jewellery stands at Rs 56100.