Gold prices in India surged past the ₹1 lakh mark on Tuesday, 15 July 2025, with rates in Ahmedabad touching ₹1,01,015 per 10 grams — just 0.25% below their all-time high. On the Multi Commodity Exchange (MCX), gold futures settled at ₹97,777 per 10 grams. In global markets, gold was trading at $3,359.18 an ounce at 12:45 p.m. IST.

Dr. Renisha Chainani, Head - Research at Augmont, said, "The U.S. trade policy continues to be the major focus as gold consolidates around $3,350 after a slight decline in the previous session. To date, President Donald Trump has written to 25 nations' leaders informing them of higher tariff rates that will go into force on August 1."

"With Indian gold prices breaching ₹1 lakh in key markets like Ahmedabad and international prices hovering above $3,350 per ounce, the metal is showing signs of strong investor demand amid policy uncertainty," she added.

"One of the most recent measures is a 30% import tax on goods from important partners like the EU and Mexico. Trump also issued a warning that nations that raise their tariffs in retaliation risk even higher US charges. However, he said that until the new tariffs are put into effect, he is still amenable to more talks with trading partners. For hints about the Federal Reserve's rate path, investors are now waiting for the US CPI report, which is due later today," added Chainani.

Market participants are now turning their attention to short-term technical cues and the dollar’s movement, which continues to impact bullion pricing.

Rahul Kalantri, VP – Commodities, Mehta Equities Ltd., said, "Gold witnessed sharp intraday volatility, rising initially but later retreating from its highs as the U.S. dollar index rebounded. Investors opted to book profits ahead of the crucial U.S. inflation data due later today."

"Gold remains above key support levels amid continued global uncertainty stemming from these tariff moves. Today’s inflation data will likely set the short-term direction for bullion. Gold has support at $3,330–3,305 while resistance lies at $3,370–3,390. In INR terms, gold has support at ₹97,390–97,000 and resistance at ₹98,110–98,380. Silver has support at ₹1,12,080–1,11,350 while resistance is at ₹1,13,850–1,14,700," said Kalantri.