Gold price today: Gold rates rose in the domestic futures market Monday (July 14) morning as mounting concerns over the impact of US President Donald Trump’s tariff war boosted gold’s safe haven appeal. MCX Gold August 5 contracts traded 0.26 per cent higher at ₹98,071 per 10 grams around 11:30 AM. Meanwhile, MCX Silver September 5 contracts hit a fresh record high of ₹1,14,875 per kg during the session. It traded 1.5 per cent up at ₹1,14,709 per kg around that time.
Further escalating the trade war, Trump on Saturday announced he would impose a 30 per cent tariff on imports from Mexico and the European Union (EU) starting on August 1.
Trump’s fresh aggression for tariffs against the trading partners of the US has raised uncertainty in stock markets, making investors rush to safe haven assets such as gold.
Meanwhile, the EU said on Sunday that it would extend the suspension of its trade countermeasures against the US until 1 August 2025.
Over the last few days, Trump has announced tariffs against at least 22 countries, emphasising that the new tariff rates were based on “common sense” and trade imbalances.
Among the major countries that will face Trump’s tariffs on August 1, Brazil will pay the highest tax, at 50 per cent, while Iraq, Algeria, and Sri Lanka will pay 30 per cent.
Other nations like Brunei, Libya, and Moldova will pay 25 per cent, and the Philippines 20 per cent.
Negotiations with India continue, and hopes prevail that India and the US will be able to finalise a trade deal before the August 1 deadline.
Apart from Tariff-related news, investors will also be watching the US inflation data for June, due on Tuesday.
Growing speculation that US Federal Reserve Chair Jerome Powell is considering resigning after criticism about a super-expensive $2.5 billion renovation of the Fed’s Washington headquarters is also a factor that may influence gold prices.
Meanwhile, the rift between Trump and Powell appears to be widening. On Sunday, Trump said he hoped Powell would quit.
“I hope he quits,” Trump told reporters on the tarmac at Joint Base Andrews in Maryland, adding, “He should quit because he has been very bad for this country.”
Is it the right time to buy gold?
Experts point out that Trump’s tariff threats are supporting gold prices. However, the dollar‘s rise may cap the gain for the yellow metal.
“While Trump has allowed room for negotiations until August 1, the potential for a rapid escalation has kept risk assets under pressure, prompting investors to seek safety in haven assets like gold,” said Aksha Kamboj, Vice President of India Bullion and Jewellers Association and Executive Chairperson of Aspect Global Ventures.
“Looking ahead, inflation data due on Tuesday, along with a busy week of corporate earnings, will help shape gold’s near-term direction. However, the strength of the US dollar, bolstered by these trade uncertainties, may limit further gains in the precious metal,” said Kamboj.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold at this juncture.
“We suggest buying gold around ₹97,500 with a stop loss of ₹97,080 for the target of ₹98,600,” said Jain.
According to Jain, gold has support at $3,344-3,327, while resistance is at $3,384-3,400 per troy ounce. Silver has support at $38.60-38.20, while resistance is at $39.10-39.80 per troy ounce in today’s session.
Jain said MCX Gold has support at ₹97,440-97,000 and resistance at ₹98,280-98,850, while silver has support at ₹1,11,850-1,10,500 and resistance at ₹1,14,000-1,16,500.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,335-3,315 and resistance at $3,374-3,390. Silver has support at $38.20-37.90 and resistance at $38.80-39.00.
In INR, Kalantri said gold has support at ₹97,390-97,080 while resistance is at ₹98,110-98,380. Silver has support at ₹1,12,480-1,11,550 while resistance at ₹1,13,950-1,14,700.
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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.
