Gold price today: Rates drop on stable dollar, firming bond yields; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined in the domestic futures market Wednesday morning as a stable dollar and firming US bond yields weighed on bullion's demand. MCX Gold August 5 contracts traded 0.30 per cent lower at ₹96,178 per 10 grams.

The US dollar held steady near a two-week high touched on Tuesday, while yields on 10-year US Treasury notes hovered close to a three-week peak.

A stronger US dollar and rising Treasury yields weaken gold’s appeal as a safe-haven asset, putting downward pressure on its price.

However, tariff-related uncertainties remain a key positive for the yellow metal.

US President Donald Trump said he would impose a 50 per cent tariff on imported copper. He also signalled that tariffs on semiconductors and pharmaceuticals could be introduced soon.

Moreover, Trump said BRICS nations, including India, will face a 10 per cent tariff.

"Gold prices remain in a consolidation phase as US President Donald Trump reaffirmed there would be no extension to the August 1 deadline for reciprocal tariffs. This stance has raised concerns over increased risk aversion in the markets," Aksha Kamboj, Vice President of India Bullion and Jewellers Association and Executive Chairperson of Aspect Global Ventures, observed.

Kamboj underscored that the threat of significant tariffs on copper and pharmaceutical exports has further added to market uncertainty, though these developments have not been strong enough to push gold prices higher.

"Rising yields and a stronger US dollar continue to exert downward pressure on the yellow metal. In the near term, trade tensions and tariff developments will remain key drivers for gold," said Kamboj.

Investors are focusing on the minutes of the US Federal Reserve's last meeting, due later in the day, for cues on the central bank's interest rate trajectory.

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold and silver prices are likely to remain volatile this week amid fluctuations in the dollar index and anticipation around the FOMC meeting minutes.

Jain said gold has support at $3,300-3,278, while resistance is at $3,330-3,360 per troy ounce. Silver has support at $36.40-36.15, while resistance is at $37.00-37.30 per troy ounce in today’s session.

For MCX Gold, Jain sees support at ₹96,000-95,550 and resistance at ₹96,850-97,200. For silver, support is at ₹1,07,200-1,06,650 and resistance at ₹1,08,850-1,09,500.

"We suggest buying silver on dips around ₹1,07,400 with a stop loss of ₹1,06,650 on a closing basis for the target of ₹1,08,800-1,09,400," said Jain.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,285-3,265 and resistance at $3,325-3,345. Silver has support at $36.35-36.00 and resistance at $37.00-37.30.

In INR, Kalantri said gold has support at ₹96,190-95,880 while resistance is at ₹96,950-97,380. Silver has support at ₹1,07,380-1,06,550 while resistance at ₹1,09,450-1,10,200.

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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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