Gold prices may see a lot of ups and downs in the coming week. According to market experts, gold prices could rise due to global tensions, the weak US dollar index, and some trade-related events. As per a PTI report, experts also said that investors will closely watch the US consumer price inflation (CPI) and retail sales data. These reports may give more direction to gold prices in the coming days.

Weak Rupee May Push Gold Prices Up

According to reports, Jatin Trivedi, Vice President and Research Analyst at LKP Securities, said that gold may stay strong in the coming week if it remains above ₹97,000 per 10 grams on MCX. Global fear due to new tariff concerns and a weak US dollar is increasing the demand for gold. He also added that the weak Indian rupee could further support the rise in gold prices.

Last week, gold futures for August delivery on the Multi Commodity Exchange (MCX) rose by ₹842, or 0.86%.

Trade War Fears Are Back

Harish V., Head of Commodity Research at Geojit Investments, said that gold prices started weak due to reduced tensions between Israel and Iran and strong US job data. But prices jumped again after US President Donald Trump imposed new tariffs of 35% to 50% on goods from Canada and Brazil.

This brought back fears of a bigger trade war and increased demand for gold. Traders are also watching talks between India and the US on a possible trade deal, which could affect market mood.

Gold Prices Rise Nearly 3% on MCX

Prathamesh Mallya, DVP of Research at Angel One, said that gold prices on MCX went up by nearly 3% — from ₹94,951 per 10 grams on June 27 to ₹97,830 per 10 grams on July 11.

In global markets, Comex gold futures also rose by about 2.8% during the same time. He said this rise happened due to the US government’s strong tariffs on copper, aluminium, and pharma items. President Trump also gave no sign of extending the August 1 tariff deadline, which has created more market worry.

Gold May Touch ₹1,00,000 on MCX Soon

Mallya believes that gold prices could soon reach $3,500 per ounce in global markets and ₹1,00,000 per 10 grams on MCX. On Friday, Comex gold futures for August closed at $3,364 per ounce, up by $38.30 or 1.15%. N.S. Ramaswami, Head of Commodities and CRM at Ventura, said gold has tested a key resistance level at $3,360. If prices stay above this level, they could rise even more.