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Gold price today: The dollar's weakness and growing concerns over a global trade war supported gold prices as rates rose on the MCX Thursday morning. MCX Gold August 5 contracts traded 0.12 per cent up at ₹96,580 per 10 grams around 9:10 AM.

The dollar index declined about 0.30 per cent, making gold cheaper in overseas currencies.

Trade war jitters also supported gold prices.

Further intensifying the trade war, US President Donald Trump on Wednesday slapped a 50 per cent tariff on imports from Brazil, starting August 1. Brazilian President Luiz Inacio Lula da Silva on Wednesday vowed to address the import tariffs imposed by Donald Trump with reciprocity.

Meanwhile, the minutes of the Federal Reserve's June 17-18 meeting showed that a majority of Fed officials favoured cutting rates later this year as Trump's tariff policies have raised inflation risk.

The US Federal Open Market Committee (FOMC) will meet on July 29-30 to decide monetary policy.

Aksha Kamboj, Vice President of India Bullion and Jewellers Association and Executive Chairperson of Aspect Global Ventures, pointed out that gold prices are finding support around the $3,300 per ounce level globally, as uncertainty persists among Federal Reserve officials over the scale of interest rate cuts expected in 2025.

"Elevated interest rates for an extended period remain a potential drag on the non-yielding yellow metal. However, continued buying by the Chinese central bank, now for the eighth consecutive month, along with seasonal demand driven by domestic festivals, is helping to provide a price floor. That said, any upside may be capped by a strengthening US dollar," said Kamboj.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,305-3,285 while resistance is at $3,340-3,365. In INR, Kalantri said gold has support at ₹96,190-95,880 while resistance is at ₹96,950-97,380.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,300-3,278, while resistance is at $3,330-3,360 per troy ounce, and silver has support at $36.40-36.15, while resistance is at $36.94-37.20 per troy ounce in today’s session.

Jain added that MCX Gold has support at ₹96,100-95,770 and resistance at ₹96,850-97,200, while silver has support at ₹1,06,650-1,06,000 and resistance at ₹1,07,950-1,08,800.

"We suggest buying gold on dips around ₹96,200 with a stop loss of ₹95,770 on a closing basis for the target of ₹96,900," said Jain.

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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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