Gold prices in India experienced a significant recovery on July 10, 2026, with 24 carat gold surging by ₹3,800 to ₹14.48 lakh per 100 grams and 10 grams gold rising by ₹380 to ₹1,44,820. According to Goodreturns, this represents a second consecutive day of gains as gold prices climbed despite selling pressure in international markets and at MCX. 22 carat gold gained by ₹3,500 to ₹13.27 lakh per 100 grams and 18 carat gold advanced by ₹2,900 to ₹10.86 lakh per 100 grams. The recovery was supported by crude oil prices dropping and the dollar erasing the 101 mark after the US and Iran agreed to continue peace talks despite the latest exchange of airstrikes. However, recent technical analysis from The Times of India suggests a potential reversal, with MCX Gold August futures trading near ₹1,45,350 after extending gains from the recent corrective phase.
Technical indicators are now supporting a bullish outlook for gold, with MCX Gold August futures maintaining a positive undertone and showing improved momentum indicators. As per The Times of India, the 8-period EMA continues trading above the 21-period EMA, confirming that short-term momentum remains firmly in favor of the bulls. The Bollinger Bands support the bullish outlook, with gold currently trading close to the upper Bollinger Band, highlighting sustained buying pressure. Momentum oscillators favor the bulls, with the Relative Strength Index (RSI-14) hovering around 66, reflecting healthy bullish momentum without entering extreme overbought territory. The MACD remains above the signal line with positive histogram bars, confirming that upside momentum continues to strengthen and supporting the continuation of the prevailing uptrend. According to Choice Broking, immediate resistance would be at 20-DEMA level placed at ₹146,617, while immediate support is at 200-DEMA level at ₹141,125.
Latest retail prices across major Indian cities on July 10, 2026, show consistent patterns with 24-karat gold ranging from ₹144,940 to ₹145,600 per 10 grams and 22-karat gold between ₹132,862 to ₹133,467 per 10 grams. As reported by Mint, silver 999 fine rates varied from ₹226,100 to ₹227,067 per kg across different cities. New Delhi recorded 24-karat gold at ₹144,940 per 10 grams and silver at ₹226,360 per kg, while Mumbai showed 24-karat gold at ₹145,190 per 10 grams and silver at ₹226,750 per kg. Kolkata recorded 24-karat gold at ₹144,980 per 10 grams and silver at ₹226,100 per kg, with Chennai showing the highest rates at 24-karat gold at ₹145,600 per 10 grams and silver at ₹227,067 per kg.
Silver futures experienced a notable recovery on July 10, with MCX silver futures trading 0.10% higher at ₹227,160 per kg as of 9:08 am, according to Mint. This represents a significant turnaround from the previous session's decline of ₹1,062 to ₹2,29,795 per kilogram. In contrast, gold futures showed continued weakness, with MCX gold rate trading 0.28% lower at ₹145,460 per 10 grams on July 10. The 846 lots of business turnover on the Multi Commodity Exchange reflects active trading during the session, though the overall sentiment remained bearish for gold while silver found some support. Recent technical analysis suggests that MCX Gold August futures continue to maintain a positive undertone, with the overall technical structure indicating that the recent recovery is backed by improving momentum indicators.
The latest price movements are being driven by renewed tensions between the United States and Iran, with US President Donald Trump announcing that the ceasefire between the two nations is over. As reported by Mint, Trump stated that American forces had "just hit [Iran] very hard" and that Iran "badly" wants to make a deal. The tanker traffic through the Strait of Hormuz has slowed significantly, with 13 tankers crossing Hormuz on Wednesday compared with an average of 33 per day over the previous week, according to CNBC US. According to Choice Broking, increasing tensions between the US and Iran could leave markets on the edge, with potential to inflate oil prices and reinforce inflation concerns. The gold/silver ratio has retraced from the psychological level of 70 yesterday, trailing at 68.15, suggesting silver price may outperform gold prices going forward.
According to analysts cited in the report, the primary driver behind the current price movements remains geopolitical uncertainties in West Asia and hostilities between the US and Iran, with the latest tensions leading to the nullification of the ceasefire agreement. The probability of a US Federal Reserve rate hike continues to weigh negatively on silver prices as investors shift toward interest-yielding assets, with treasury yields near 7-week highs reducing the appeal of non-yielding assets like gold. However, recent technical analysis from The Times of India suggests a constructive overall technical outlook for MCX Gold, with the bullish alignment of EMAs, positive MACD crossover, and sustained trade above previous day's pivot levels indicating that the broader trend remains upward. The previous day's pivot point analysis strengthens the positive bias, with gold trading comfortably above the pivot support and Central Pivot Range, indicating that buyers continue to dominate the market.
