Today’s gold price: As demand increased and the dollar index hit a 52-week low, gold prices jumped in the domestic futures market. August contracts for MCX Gold increased by 0.64% to ₹96694 per 10 kilos. Gold prices are additionally supported by ongoing uncertainty around US tariffs and possible trade agreements with India.
Today’s gold price: When the dollar index fell to its 52-week low on Tuesday morning (July 1), gold prices surged in the domestic futures market, increasing demand for the metal. Gold prices were also boosted by the ongoing uncertainty around US tariffs. Around 9:25 AM,MCX Gold August 5 contracts were up 0.64 percent at ₹96,694 per 10 grams.
The uncertainty surrounding US tariffs as the July 9 deadline approaches,however,is the main factor supporting gold prices.
According to media sources,the US and India might soon announce a trade agreement.
White House Press Secretary Karoline Leavitt said Monday (US local time) that the US and India are nearing a trade agreement conclusion,according to an ANI report.
“What the President stated last week—that a trade agreement between the United States and India is really close—remains accurate. I just discussed it with our Secretary of Commerce. He and the President were in the Oval Office. When it comes to India,they are finalizing these accords,and you will hear from the President and his trade team shortly,”Leavitt stated during a press briefing, according to ANI.
The forthcoming macro data,such as Thursday’s government payroll statistics,is now the center of investors’ attention as it will impact market expectations regarding the Fed’s monetary policy stance.
According to Aksha Kamboj,executive chairperson of Aspect Global Ventures and vice president of the India Bullion and Jewellers Association,gold prices are steadily rising due to anticipation that the US Federal Reserve may lower interest rates more deeply than anticipated in 2025.
Key events like this week’s jobs report and the impending July 9 tariff deadline,according to Kamboj,are probably going to be significant market drivers.
“Strong demand from central banks and domestic buyers is expected to provide support to the precious metal,”Kamboj stated.
Experts point out important MCX Gold levels.
Gold has support between $3,285 and $3,265 and resistance between $3,335 and $3,355,according to Rahul Kalantri,vice president of commodities at Mehta Equities.The resistance for silver is between $36.25 and $36.50,while the support is between $35.74 and 35.55.
In the Indian rupee,Kalantri finds resistance at ₹96,480-96,750 and support for gold at ₹95,810-95,580. Support for silver is located at ₹1,04,780-1,04,150, and resistance is located at ₹1,06.250-1,06,900.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research,silver has support around $35.80-35.55 and resistance at $36.30-36.60 per troy ounce in today’s session,while gold has support at $3,284-3,266 and resistance at $3,327-3,345 per troy ounce.
According to him, silver has support around ₹1,05,500-1,04,850 and resistance at ₹1,07,000-1,07,700, while MCX Gold has support at ₹95,700-95,220 and resistance at ₹96,600-97,000.
“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,” Jain stated.
Disclaimer: The sole intention of this story is education. The opinions and suggestions expressed above are not those of bharatbulletin24x7.com, but rather those of individual analysts or broking firms. Since situations can change and market conditions can change quickly, we suggest clients to consult with qualified specialists before making any investment decisions.
