Gold price today: Gold and silver prices rose in the domestic futures market on Tuesday (July 29) morning, supported by persistent uncertainty over an India-US trade deal, which drove investors away from riskier equities and increased the appeal of safe-haven assets.
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MCX Silver Gold Price Today
However, a stable dollar and tepid spot demand limited the gains. MCX Gold August 5 contracts traded 0.07 per cent up at ₹97618 per 10 grams, while MCX Silver September 5 contracts were 0.18 per cent up at ₹1,13,260 per kg around 9:10 AM.
The dollar index inched up by 0.10 per cent and stayed in the green, weighing on gold’s demand.
After finalising a trade agreement with Japan, the US signed a deal with another major economy- the European Union (EU) on Sunday.
Besides, the US-China tariff and export control agreement will likely be extended by three months.
Gold prices will continue reacting to the news flows surrounding Trump’s tariffs and trade deals.
Meanwhile, the US Federal Reserve will announce its policy decision on July 30. While the central bank is widely expected to keep rates unchanged, bullion traders will focus on Fed Chair Jerome Powell’s commentary on growth and inflation trends.
“This week is expected to remain highly volatile with key global triggers, including the 1st August trade deal deadline with the US, and major US economic data—ADP non-farm employment change, non-farm payrolls, unemployment rate, GDP, and the Federal Reserve’s policy decision. Given these crucial events, gold prices are likely to fluctuate within a broader range of ₹97,000– ₹98,650,”
Experts highlight key levels for MCX Gold, Silver
gold has support at $3,349-3,330, while resistance is at $3,384-3,400 per troy ounce, and silver has support at $38.00-37.70, while resistance is at $38.44-38.80 per troy ounce in today’s session.
He said MCX Gold has support at ₹98,080-97,700 and resistance at ₹98,800-99,120, while silver has support at ₹1,12,200-1,11,650 and resistance at ₹1,13,850-1,14,400.
“We are expecting short coverings in gold and silver ahead of the Fed monetary policy meeting and suggest avoiding short positions at current levels,” said Jain.
MCX Gold at ₹97,600, followed by ₹96,900. Resistance for gold is at ₹98,400 and ₹99,500. For MCX Silver, support is at ₹1,12,100 and ₹1,11,444, while resistance is at ₹1,14,500 and ₹1,16,150.
Spot gold has support at $3,300-3,275 and resistance at $3,350. Silver has support at $38 and resistance at $39.
