Gold price today: Gold rates inched up in the domestic futures market Wednesday (July 23) morning while silver jumped to its record high on healthy spot market buying and a stable dollar. MCX Gold August 5 contracts traded 0.06 per cent higher at ₹ 1,00,390 per 10 grams, while MCX Silver September 5 contracts traded 0.49 per cent up at ₹ 1,16,216 per kg around 9:20 AM after hitting a record high of ₹ 1,16,275 per kg.
Gains for gold were capped after US President Donald Trump announced a trade deal with Japan.
Trump said the US and Japan had finalised a trade deal, under which a 15 per cent tariff will be levied on Japanese imports into the US.
Meanwhile, US trade negotiations continue with other major economies, such as India and China.
News agency PTI reported that a team of US trade officials will visit India in August for the next round of talks on the proposed bilateral trade pact between the two nations.
According to Reuters, US Treasury Secretary Scott Bessent said that US and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline to August 12 for negotiating a trade deal.
Successful trade deals could increase the risk appetite of investors, weighing on gold prices in the near term.
However, weakness in the US dollar and treasury yields will support bullion.
The dollar index traded near a two-week low, while the benchmark 10-year US treasury yields touched their lowest level since July 9 on Tuesday.
Investors’ focus is now on the US Fed’s interest rate decision next week.
Gold and silver: Key levels to watch
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,422-3,409, while resistance is at $3,454-3,472 per troy ounce, and silver has support at $39.20-38.84, while resistance is at $39.80-40.10 per troy ounce in today’s session.
MCX Gold has support at ₹99,720-99,200 and resistance at ₹1,00,700-1,01,000 while silver has support at ₹1,14,850-1,14,000 and resistance at ₹1,16,650-1,18,000, said Jain.
Jain suggests buying silver in the range of ₹1,15,200-1,14,400 with a stop loss of ₹1,13,300 for the target of ₹1,16,650-1,18,000.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,395-3,378 and resistance at $3,445-3,462. Silver has support at $38.75-38.55 and resistance at $39.45-39.65.
In INR, Kalantri said gold has support at ₹99,780-99,450 while resistance is at ₹1,00,550-1,00,880. Silver has support at ₹1,14,780-1,13,850 while resistance at ₹1,16,450-1,16,950.
MCX Gold Aug may drop to ₹1,00,000 per 10 grams. ₹1,00,900 is intraday resistance, said Jigar Trivedi, Senior Research Analyst at Reliance Securities.