Gold price today: Rates jump on dollar's weakness, tariff uncertainty; experts highlight key levels for MCX Gold

Gold price today: Gold rates jumped sharply in the domestic futures market Tuesday (July 1) morning as the dollar index hit its 52-week low, enhancing gold's demand. Persisting uncertainty over US tariffs also supported gold prices. MCX Gold August 5 contracts traded 0.64 per cent higher at ₹96,694 per 10 grams around 9:25 AM.

The dollar index fell to a more than three-year low of 96.61 during the session. Since gold is priced in US dollars, the weakness in US currency makes the yellow metal cheaper in overseas currencies, potentially increasing its demand.

However, the biggest support for gold prices is the uncertainty surrounding the US tariffs as the July 9 deadline looms.

Media reports suggested a trade deal between India and the US could be announced anytime soon.

According to an ANI report, “White House Press Secretary Karoline Leavitt on Monday (US local time) confirmed that the US and India are close to finalising a trade agreement.”

"The President said that last week (that the US and India are very close to a trade deal), and it remains true. I just spoke to our Secretary of Commerce about it. He was in the Oval Office with the President. They are finalising these agreements, and you'll hear from the President and his trade team very soon when it comes to India," Leavitt said at a press briefing, as reported by ANI.

Investors' focus now is on the upcoming macro data, including Thursday's government payrolls data, which will influence market expectations about the Fed's monetary policy direction.

Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures, pointed out that gold prices are gradually moving higher, driven by expectations that the US Federal Reserve may implement deeper interest rate cuts in 2025 than previously forecast.

Kamboj said key events such as the upcoming July 9 tariff deadline and this week’s jobs data are likely to be major market catalysts.

"Strong demand from central banks and domestic buyers is expected to provide support to the precious metal," said Kamboj.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,285-3,265 while resistance is at $3,335-3,355. Silver has support at $35.74-35.55 while resistance is at $36.25-36.50.

In INR, Kalantri finds support for gold at ₹95,810-95,580 while resistance is at ₹96,480-96,750. Silver has support at ₹1,04,780-1,04,150 while resistance at ₹1,06.250-1,06,900.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,284-3,266, while resistance is at $3,327-3,345 per troy ounce, and silver has support at $35.80-35.55, while resistance is at $36.30-36.60 per troy ounce in today’s session.

He said MCX Gold has support at ₹95,700-95,220 and resistance at ₹96,600-97,000, while silver has support at ₹1,05,500-1,04,850 and resistance at ₹1,07,000-1,07,700.

"We expect gold prices could test their resistance at the level of ₹96,600 and silver prices could test ₹1,07,200 in today's session and suggest booking profits at higher levels," said Jain.

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stories by Nishant Kumar

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

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