At 10:13 am, August gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 96,788 per 10 grams, up Rs 713 from the previous close. Meanwhile, August silver futures rose by Rs 459 or 0.43% to Rs 1,06,696 per kg.
In the global market, Spot gold was up 0.4% at $3,315.26 per ounce, as of 0229 GMT, while U.S. gold futures rose 0.6% to $3,326.50.
The U.S. dollar index fell 0.1% to a more than three-year low, making bullion more affordable for holders of other currencies.
Trump expressed frustration with U.S.-Japan trade negotiations on Monday as U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs, as a July 9 deadline approaches despite good-faith negotiations.
Meanwhile, Trump continued to press the Federal Reserve on Monday to ease monetary policy, sending Fed Chair Jerome Powell a list of global central bank interest rates, annotated with handwritten comments saying U.S. rates should be between Japan’s 0.5% and Denmark’s 1.75%.”Gold rebounded from five-week lows due to short covering and bargain hunting, while a weaker dollar—hitting a 43-month low—which favoured bullish sentiment in gold. The dollar index declined following weak U.S. GDP data and a stronger Euro, as concerns over U.S. tariffs and inflation continue to weigh,” said Rahul Kalantri, VP Commodities, Mehta Equities.Investors are closely monitoring a series of U.S. labour market reports in this holiday-shortened trading week, culminating in Thursday’s government payrolls data, for insights into the Fed’s monetary policy direction.
The market is currently anticipating a 67-basis-point rate cut beginning in September.
Spot silver fell 0.8% to $35.80 per ounce, platinum was down 0.7% to $1,343.61, while palladium gained 0.9% to $1,107.25.
“Gold has support at $3285-3265 while resistance at $3335-3355. Silver has support at $35.74-35.55 while resistance is at $36.25-36.50. In INR gold has support at Rs 95,810-95,580 while resistance at Rs 96,480-96,750. Silver has support at Rs 1,04,780-1,04,150 while resistance at Rs 1,06.250-1,06,900,” Kalantri said.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,304/8 grams while pure gold (24 carat) prices stand at Rs 62,232/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,680/8 grams while pure gold (24 carat) prices stand at Rs 60,376/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,704/8 grams while pure gold (24 carat) prices stand at Rs 60,464/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,800/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
