Gold price on Multi Commodity Exchange (MCX) opened lower on Tuesday, following a muted trend in the international bullion prices after US President Donald Trump unveiled higher tariffs on imports from several countries, including Japan and South Korea.
MCX gold rate opened lower at ₹97,172 per 10 grams as against its previous close of ₹97,270 level. MCX silver rate opened higher at ₹1,08,498 per kg, as compared to its previous close of ₹1,08,321 level.
In the international bullion market, gold prices were steady, with a firm dollar and higher Treasury yields limiting potential gains for the precious metal. Spot gold price was steady at $3,334 per ounce, while US gold futures remained unchanged at $3,344.20.
Trump began telling trade partners that sharply higher US tariffs would start on August 1, with tariffs on goods from Japan and South Korea set at 25%. Trump said the August 1 deadline for implementing the tariffs was firm but that he would consider extensions if countries made proposals, Reuters reported.
“Market fears were somewhat eased when Trump signed an executive order delaying the implementation of these tariffs, giving countries nearly four additional weeks to reach an agreement. Adding to the bearish sentiment, a robust US jobs report released last week alleviated concerns about a slowing US economy and diminished expectations for a Federal Reserve rate cut in July,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities
Investors are now awaiting the release of the June FOMC meeting minutes, scheduled for Wednesday, for further insights into the Fed’s policy outlook, he added.
Gold Price Outlook
According to Trivedi, MCX Gold August futures may drop to ₹96,800 per 10 grams level as it is a strong support, while resistance is seen near ₹97,300 level.
“The outlook for gold price today is flat to bearish,” Trivedi said.
Rahul Kalantri, VP Commodities, Mehta Equities Ltd. said that gold price has support at $3,315 – $3,295, while resistance at $3,360 – $3,375. Silver price has support at $36.35 – $36.00, while resistance is at $37.00 – $37.25.
“MCX gold price has support at ₹96,990 – ₹96,680, while resistance at ₹97,710 – ₹98,180. Silver price has support at ₹1,07,480 – ₹1,06,550, while resistance at ₹1,08,950 – ₹1,09,700,” Kalantri said.
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