Gold price today: Rates fall on US-China trade deal hopes; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined in the domestic futures market Monday morning on weak global cues and tepid demand from the domestic spot market. MCX Gold August 5 contracts traded 0.61 per cent lower at ₹96,448 per 10 grams around 9:20 AM.

Gold prices declined as US-China trade deal hopes weighed on safe-haven demand. According to Reuters, three top aides of US President Donald Trump will meet with their Chinese counterparts in London later today to discuss ways to resolve their trade dispute between the world's two largest economies.

Besides, a stronger-than-expected US jobs report signalled that the US Federal Reserve may not cut rates soon, which also weighed on gold prices.

"Gold prices declined following stronger-than-expected US jobs data, which boosted Wall Street and strengthened the US dollar, both typically bearish for bullion. The robust employment figures also reduce the immediate need for a rate cut by the Federal Reserve, a move that would normally support gold prices," said Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures.

Kamboj observed that market attention is shifting to the upcoming US-China trade talks and fresh inflation data from both India and the US.

"Positive outcomes from these trade discussions could further weigh on gold in the short term, potentially outweighing concerns over escalating tensions between Russia and Ukraine," said Kamboj.

Experts highlight key levels for MCX Gold

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,280-3,265and and resistance at $3,325-3,340. Silver has support at $35.75-35.50 and resistance at $36.30-36.55.

In INR, Kalantri said gold has support at ₹96,720-96,390 while resistance is at ₹97,350-97,640. Silver has support at ₹1,04,560-1,03,750 while resistance at ₹1,06,350-1,06,950.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,320-3,284, while resistance is at $3,364-3,400 per troy ounce, and silver has support at $35.80-35.50, while resistance is at $36.45-36.80 per troy ounce in today’s session.

MCX Gold has support at ₹96,600-96,100 and resistance at ₹97,700-98,200 while silver has support at ₹1,04,400-1,03,650 and resistance at ₹1,06,500-1,07,400, said Jain.

"We suggest buying silver on dips around ₹1,04,000-1,03,500 range with a stop loss of ₹1,02,400 for the target of ₹1,06,500," 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.