Over the past one week, gold and silver prices have recovered to some extent. Gold went up from Rs 1,40,792/10g on July 17, to Rs 1,44,089/10 gm on July 23. Meanwhile, silver increased from Rs 2,15,936/kg to Rs 2,22,108/kg during the same period, based on data from the Multi Commodity Exchange of India Limited (MCX).
This slight recovery has sparked optimism among gold and silver investors, who have seen gradual price increases for several months after reaching highs earlier this year. What caused this uptick in prices for these precious metals, and is it likely that this recovery will last for a while?
Gold rates from July 17-23, 2026 (as per MCX)
| Date | Gold Price (₹/10g) | Daily Change (₹/10g) |
| 23-Jul-26 | 1,44,089 | -464 |
| 22-Jul-26 | 1,44,553 | 1,867 |
| 21-Jul-26 | 1,42,686 | 894 |
| 20-Jul-26 | 1,41,792 | 1,000 |
| 17-Jul-26 | 1,40,792 | — |
Silver rates from July 17-23, 2026 (as per MCX)
| Date | Silver Price (₹/kg) | Daily Change (₹/kg) |
| 23-Jul-26 | 2,22,834 | -2,762 |
| 22-Jul-26 | 2,25,596 | 1,924 |
| 21-Jul-26 | 2,23,672 | 4,203 |
| 20-Jul-26 | 2,19,469 | 3,533 |
| 17-Jul-26 | 2,15,936 | — |
Vedika Narvekar, research analyst, Anand Rathi Share and Stock Brokers, told ET Wealth Online that US President Donald Trump's proposed tariff measures and continued central bank buying are providing a supportive backdrop for gold.
“The recovery appears to be driven more by bargain hunting after the recent correction than by a decisive shift in fundamentals,” says Narvekar.
Explaining the reason behind the price rise, Manav Modi, commodities analyst, Motilal Oswal Financial Services Ltd, says despite the challenging interest rate backdrop, gold continued to attract dip-buying, with investors rebuilding long positions and increasing inflows into gold-backed exchange-traded funds as a hedge against geopolitical uncertainty and stretched equity market valuations.
What should current gold and silver investors do now?
Narvekar says for long-term investors, panic selling after such a price correction is not the right strategy.
For new precious metal investors, Narvekar’s advise is to avoid chasing the recent rebound, specially as geopolitical tensions have re-escalated and crude oil prices have climbed back towards the $100/barrel mark, keeping market volatility elevated.
How should investors invest in precious metals?
Narvekar advises adopting a staggered investment approach as it will help average purchase costs and reduces the risk of entering the market at temporary highs.
Can gold and silver prices rise further?
Modi says market participants will now closely monitor developments in the Middle East and the upcoming Federal Reserve meeting for further direction on bullion prices.
Prithviraj Kothari, managing director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. (IBJA), says gold's key support and resistance levels sit near $4,000 and $4,200, while silver's crucial zones are $55 and $63, determining the metals' next major moves.
Narvekar opines that on the MCX, key resistance levels are Rs 1,47,400 and Rs 1,52,000 per 10 grams, while immediate support is placed at Rs 1,39,000, followed by a stronger support near Rs 1,36,000.
