Gold price today: Rates rise on delayed India-US trade deal; experts highlight key levels for MCX Gold, Silver

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.

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," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Experts highlight key levels for MCX Gold, Silver

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, 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.

Experts at Motilal Oswal Financial Services see support for MCX Gold at ₹96,700, followed by ₹95,800. Resistance for gold is at ₹98,600 and ₹99,500. For MCX Silver, support is at ₹1,12,400 and ₹1,11,000, while resistance is at ₹1,14,200 and ₹1,15,150.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,300-3,280 and resistance at $3,345-3,363. Silver has support at $37.80-38.60 and resistance at $38.45-38.65.

In INR, gold has support at ₹97,280-96,980 while resistance is at ₹97,950-98,280. Silver has support at ₹1,12,380-1,11,450 while resistance is at ₹1,13,850-1,14,700, said Kalantri.

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