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Gold prices inched up in Tuesday's (July 15) morning trade in the domestic derivatives market ahead of US inflation data. On the other hand, silver rates dropped on profit booking at a record high.

MCX Gold August 5 contracts traded 0.12 per cent higher at ₹97,896 per 10 grams, while MCX Silver September 5 contracts were 0.54 per cent down at ₹1,12,330 per kg at that time.

In the previous session, MCX Silver hit a record high of ₹1,15,136 per kg.

Experts pointed out that US President Donald Trump's announcement of trade tariffs on Canada and Mexico supported silver prices. Tariff uncertainties are also helping gold hold its key support levels.

The focus is on the US inflation data, due later today, which will influence expectations on the interest rate trajectory of the US Fed and affect precious metal trade.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile for the day and suggests avoiding fresh positions in them.

"We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets and US trade tariff uncertainty. We suggest staying away from taking fresh positions in gold and silver ahead of the US inflation data," said Jain.

According to Jain, MCX Gold has support at ₹97,440-97,000 and resistance at ₹98,000-98,360, while silver has support at ₹1,12,000-1,10,800 and resistance at ₹1,14,000-1,15,200.

International gold has support at $3,344-3,327, while resistance is at $3,374-3,389 per troy ounce, and silver has support at $38.40-38.00, while resistance is at $39.10-39.50 per troy ounce in today’s session, Jain said.

Rahul Kalantri, VP of commodities at Mehta Equities, said in INR, gold has support at ₹97,390-97,000 while resistance is at ₹98,110-98,380. Silver has support at ₹1,12,080-1,11,350 while resistance at ₹1,13,850-1,14,700.

In the international market, gold has support at $3,330-3,305 while resistance is at $3,370-3,390. Silver has support at $37.90-37.60 while resistance is at $38.50-38.70, Kalantri said.

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stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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