Gold price today: Rates rise on dollar's weakness as US House clears Trump's tax bill; check key levels for MCX Gold

Gold price today: Gold rates climbed in the domestic futures market Friday (July 4) morning, largely due to the dollar's weakness after the US House passed President Donald Trump's tax cut bill. MCX Gold August 5 contract traded 0.16 per cent higher at ₹96,935 per 10 grams.

The dollar index fell by 0.20 per cent after the Republican-controlled House of Representatives approved Trump’s tax and spending bill.

Trump's tax bill is expected to increase US debt, reduce revenue, and lower spending, potentially weighing on the dollar. The dollar has already been under pressure this year amid signs of economic growth faltering due to Trump's tariff policies.

Trump's ‘One Big Beautiful Bill’ increases spending for border security, mass deportation and slashes Medicaid and food stamps. The Congressional Budget Office or the Joint Committee on Taxation has estimated that Donald Trump's tax bill would add $3.3 trillion to the $36.2-trillion debt over 10 years, reduce revenues by $4.5 trillion and cut spending by $1.2 trillion.

While growing concerns over US fiscal health and the weakness of the US dollar are positive for gold, the waning prospects of rate cuts by the US Federal Reserve limit the yellow metal's gains.

Data on Thursday showed the US jobs market remains resilient and the Fed may stay in a pause mode for a longer-than-expected period. US firms added a more-than-expected 147,000 jobs in June and the unemployment rate unexpectedly fell to 4.1 per cent.

Experts highlight key levels for MCX Gold

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,320-3,300, while resistance is at $3,366-3,384 per troy ounce, and silver has support at $36.74-36.40, while resistance is at $37.40-37.70 per troy ounce in today’s session.

Further, Jain said MCX Gold has support at ₹96,360-95,950 and resistance at ₹97,100-97,440, while silver has support at ₹1,07,400-1,06,650 and resistance at ₹1,08,850-1,09,500.

"We suggest buying silver on dips around ₹1,07,400 with a stop loss of ₹1,06,650 for the target of ₹1,08,800," said Jain.

Analysts at Motilal Oswal believe MCX Gold has support at ₹96,400, followed by ₹96,000, while resistance is at ₹97,200 and ₹97,750.

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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.