Gold and Silver Prices Decline in India's Retail Market
On Wednesday, 1 July, the price of gold in India's retail market witnessed a marginal decline, with both 24-karat and 22-karat gold rates showing slight reductions across major cities. Similarly, silver prices also experienced a decrease in the domestic bullion market.
The MCX gold rate for August futures contracts on 1 July was trading 0.94% lower at ₹141,600 per 10 grams. Meanwhile, MCX silver futures were trading approximately 1.86% lower at ₹224,520 per kg at around 9:13 am.
Oil Prices See Significant Monthly Decline
Oil prices concluded a month marked by substantial declines on Tuesday, as energy market traders closely monitored potential fresh talks between the US and Iran in Qatar. Brent crude futures for August delivery, the international benchmark, saw a slight decrease to $72.92 per barrel. This contract had dropped by roughly 21% in June, marking its largest monthly decline since March 2020.
Geopolitical Developments Impact Oil Markets
Iran has reported that it is selling oil at a 20% premium as the end of the US blockade allows for increased exports. According to Iranian parliament speaker and chief negotiator Mohammad Bagher Ghalibaf, Iran has exported over 40 million barrels of crude oil since the US lifted its naval blockade of Iranian ports. The country is now selling oil at prices approximately 20% higher than before the war.
Trump’s Financial Disclosure Reveals Crypto Income
Donald Trump’s annual financial disclosure report, released by the US Office of Government Ethics, revealed significant income from crypto-related activities. The report, which covers the first year of his second non-consecutive term in the White House, spans 927 pages. It highlights that Trump earned about $515 million from the sale of tokens issued by World Liberty Financial and an additional $65 million from sales of equity in WLF’s holding company.
Yen Weakens to 40-Year Low, Dow Futures Slip
The Japanese yen weakened to a new 40-year low against the dollar on Wednesday, while Dow futures slipped on Tuesday night after the 30-stock index recorded its best first half in five years. The yen fell to 162.28 per dollar, extending losses from the previous session as traders remained vigilant for potential intervention by Japanese authorities.
AI Export Controls Lifted
Anthropic announced that the US Department of Commerce has lifted export controls on its Claude Fable 5 and Mythos 5 models, ending the latest dramatic standoff between the artificial intelligence company and the Trump administration. "We’re grateful to our users for their patience, and to everyone who worked with us on redeploying the models," Anthropic stated on X.
Current Gold and Silver Prices in Major Indian Cities
Here is a detailed look at the latest gold and silver prices in major Indian cities on 1 July:
Gold Prices in New Delhi — 1 July
- 24 karat gold rate in New Delhi — ₹141,100/10 gm
- 22 karat gold rate in New Delhi — ₹129,343/10 gm
- Silver 999 Fine rate in New Delhi — ₹223,730/1 kg
Gold Prices in Mumbai — 1 July
- 24 karat gold rate in Mumbai — ₹141,340/10 gm
- 22 karat gold rate in Mumbai — ₹129,562/10 gm
- Silver 999 Fine rate in Mumbai — ₹224,120/1 kg
Gold Prices in Bengaluru — 1 July
- 24 karat gold rate in Bengaluru — ₹141,630/10 gm
- 22 karat gold rate in Bengaluru — ₹129,828/10 gm
- Silver 999 Fine rate in Bengaluru — ₹224,220/1 kg
Gold Prices in Kolkata — 1 July
- 24 karat gold rate in Kolkata — ₹141,330/10 gm
- 22 karat gold rate in Kolkata — ₹129,553/10 gm
- Silver 999 Fine rate in Kolkata — ₹223,740/1 kg
Gold Prices in Hyderabad — 1 July
- 24 karat gold rate in Hyderabad — ₹141,740/10 gm
- 22 karat gold rate in Hyderabad — ₹129,928/10 gm
- Silver 999 Fine rate in Hyderabad — ₹224,390/1 kg
Gold Prices in Chennai — 1 July
- 24 karat gold rate in Chennai — ₹141,930/10 gm
- 22 karat gold rate in Chennai — ₹130,103/10 gm
- Silver 999 Fine rate in Chennai — ₹224,690/1 kg
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