Gold price today: Rates climb ahead of US inflation data; experts highlight key levels for MCX Gold

Gold price today: Gold rates climbed in the domestic futures market Wednesday morning as uncertainty over the US-China trade deal persisted. MCX Gold August 5 contracts traded 0.35 per cent higher at ₹97,240 per 10 grams around 9:25 AM.

Reuters reported, quoting US Commerce Secretary Howard Lutnick, saying on Tuesday that the "US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets."

Lutnick said the US team will show the plan to President Donald Trump for approval before putting it into action. The Chinese team will do the same by getting approval from President Xi Jinping, Reuters reported.

While both countries have reached a preliminary agreement on a framework to ease trade tensions, there was uncertainty surrounding the final shape of the deal, which supported safe-haven demand.

"Gold prices remain volatile as investors await a clearer resolution from the ongoing US-China trade negotiations taking place in London. A favourable outcome of the US-China trade talks is likely to drive gold prices down," said Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global.

Investors' focus now is on the US consumer price index (CPI) prints, due today, to get cues about the US Federal Reserve's interest rate trajectory.

Even though the US economy is showing signs of slowdown, experts believe the US Fed may not cut rates for the next few months due to prevailing risks of inflation amid a trade war.

"Attention is turning to inflation data. Additionally, Thursday's auction of long-term Treasury bonds may offer further guidance on price movements," said Kamboj.

Meanwhile, the World Bank on Tuesday trimmed the world growth forecast by 0.4 percentage points to 2.3 per cent for 2025.

The World Bank said on Tuesday that the global economy faces significant headwinds from escalating trade tensions and policy uncertainty, leading to a downgrade in prospects across most nations. It expects the Indian economy to grow slightly faster at 6.5 per cent in FY27 and 6.7 per cent in FY28.

Experts highlight key levels for MCX Gold

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,300-3,275 while resistance is at $3,345-3,360. Silver has support at $36.20-35.90 while resistance is at $36.75-36.95.

In INR, gold has support at ₹96,620-96,290 while resistance is at ₹97,350-97,640. Silver has support at ₹1,05,859-1,05,050 while resistance at ₹1,07,750-1,08,650.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week. He suggests buying gold on dips.

"We suggest buying gold on dips around ₹96,400 with a stop loss of ₹95,800 for the target of ₹97,200," said Jain.

"Gold has support at $3,330-3,310, while resistance is at $3,364-3,380 per troy ounce, and silver has support at $36.40-36.00, while resistance is at $36.88-37.20 per troy ounce in today’s session," said Jain.

MCX Gold has support at ₹96,600-96,180 and resistance at ₹97,200-97,550, while silver has support at ₹1,06,000-1,05,350 and resistance at ₹1,07,400-1,08,200, said Jain.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.