What's keeping gold under pressure today

Gold prices fell on Thursday, July 17, as a stronger US dollar and easing market jitters pressured bullion. Spot gold dropped 0.2% to $3,340.79 per ounce at 0400 GMT. US gold futures slipped 0.4% to $3,347.10 per ounce.

In India, gold prices stand at ₹99,330 for 10 grams of 24 karat gold, according to Goodreturns. The price for 22 karat gold is ₹91,050 per 10 grams, while 18 karat gold costs ₹74,500 per 10 grams.

The US dollar index edged up 0.1% against major currencies, making dollar-priced gold more expensive for buyers using other currencies.

“Gold dropped below $3,340 per ounce as the dollar regained ground, following eased uncertainty over the Fed Chair’s position,” said Jigar Trivedi, Senior Commodity Analyst at Reliance Securities.

Earlier, reports suggested that US President Donald Trump was considering removing Federal Reserve Chair Jerome Powell. However, Trump later clarified he was “highly unlikely” to do so but repeated his criticism of the Fed’s interest rate policy.

Fresh US economic data also weighed on gold. Producer prices stayed flat in June despite tariffs pushing up some goods costs. “June’s flat US PPI reading suggests tariffs may be hurting less than expected,” Trivedi added.

Trade tensions also stayed in focus as EU trade chief Maros Sefcovic travelled to Washington for tariff talks with US officials.

Meanwhile, SPDR Gold Trust, the world’s largest gold-backed ETF, said its holdings rose 0.33% to 950.79 tons on Wednesday (July 16).

Market outlook

Aksha Kamboj, Vice President at India Bullion and Jewellers Association, said, “Gold prices remain on edge despite a positive yet volatile performance. Aside from ongoing trade and tariff discussions, there are few clear drivers to push bullion decisively in either direction. Gold is expected to continue consolidating unless a significant market-moving event unfolds.”

Rahul Kalantri, VP Commodities at Mehta Equities, said bullion saw a strong intraday recovery after rumours about Powell’s potential firing.

“Gold jumped $50 per ounce before trimming gains, following the President’s clarification. Despite softer US inflation data, the firm dollar keeps bullion gains in check,” he said.

Kalantri sees support for gold at $3,315–$3,290 and resistance at $3,360–$3,380 per ounce. In India, gold has support at ₹97,320–₹96,980 and resistance at ₹97,980–₹98,280 per 10 grams.

-With Reuters inputs