Gold price up on weak dollar, tariff worries : 4 August,
On August 4, gold and silver prices increased throughout the morning session, helped by persistent tariff uncertainty and a drop in the dollar index. Around 9:15 AM, MCX Gold October futures saw a 0.34% hike to ₹1,00,090 per 10 grams, while MCX Silver September contracts saw a 0.47% gain to ₹1,10,775 per kilogram.
Today’s gold price: Following a more than half-percent drop in the dollar index,which increased demand for metal,gold and silver prices increased in the domestic futures market Monday morning (August 4). Precious metals were also supported by persistent tariff-related uncertainty.
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Around 9:15 AM, MCX Silver contracts were up 0.47 percent at ₹1,10,775 per kg, while MCX Gold contracts were up 0.34 percent at ₹1,00,090 per 10 grams on October 3.
Gold became more affordable in foreign currencies and its demand increased as the dollar index fell more than 0.50 percent to 98.60.
In addition to the decline in the dollar, uncertainty around tariffs supports gold. Despite ongoing talks, US President Donald Trump last week proposed penalties on dozens of nations.
Trump’s tough tariff policies have raised concerns about decreasing economic growth and rising inflation in the US, which might have an impact on the world economy.
A rate drop by the US Fed in September is anticipated as a result of the US employment market’s weakening signs.
US employment growth slowed more than anticipated in July, according to data issued last Friday by the Labor Department’s Bureau.
According to Reuters, US nonfarm payrolls increased by 73,000 jobs in July following a downwardly revised 14,000-job increase in June. After rising by a previously reported 1,47,000 jobs in June,Reuters polled economists who predicted payrolls would increase by another 1,10,000 jobs.Additionally,May’s data was corrected downward.
Following lower-than-expected US jobs data and downward adjustments to recent results,which led to a sell-off on Wall Street and a resurgence of demand for safe-haven assets,gold prices increased. Since gold doesn’t yield interest,the Federal Reserve is likely to lower interest rates in September as a result of the dismal employment report,according to Aksha Kamboj,executive chairperson of Aspect Global Ventures and vice president of the India Bullion and Jewellers Association.
“This week,issues pertaining to the Federal Reserve and tariffs are probably going to continue to command market attention.Additionally,with President Donald Trump’s deadline to end the war on August 8 approaching,investors will be keeping an eye out for any indications of escalating tensions between the United States and Russia,” Kamboj said.
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