Gold rate today: Yellow metal gets cheaper; check the latest rates in your city on August 1

Gold rate on August 1

Gold prices extended its decline on August 1. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 98,702 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on August 1:

"Gold price traded in a broad range, while silver languished amidst the fall in industrial metals fell and market participants remain cautious ahead of the ongoing tariff uncertainty ahead of U.S. President Donald Trump's August 1 deadline to end negotiations. Trump said he had agreed to extend an existing trade deal with Mexico for 90 days and continue talks over that period with the aim of signing a new deal," said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services.

"This followed a day after he made a blitz of tariff announcements, including on imports from Brazil and South Korea, ahead of the deadline for higher U.S. tariff rates.  U.S. central bank held interest rates steady in the 4.25%-4.50% range, and Chair Jerome Powell's comments after the decision dampened hopes for a September rate cut," he added.

Also read: Why the glitter in gold prices has more shine left

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