Gold price today: Rates decline as Trump delays tariffs on EU; experts highlight key levels for MCX Gold

Gold price today: Gold rates declined in the domestic futures market intraday on Monday, tracking weak global cues after President Donald Trump extended his deadline for trade talks with the European Union (EU) until July 9. MCX Gold June 5 contracts traded 0.73 per cent lower at ₹95,721 per 10 grams around 2:50 PM.

International gold prices also slipped from a two-week high after Trump's relief on EU tariffs.

According to a Reuters report, "Trump on Sunday extended his deadline for trade talks with the EU until July 9 after the head of the EU executive body sought more time to reach a good deal."

"The recent tariff threat made by US President Donald Trump on the European Union and the subsequent withdrawal in the early hours of the morning could result in some profit booking in gold prices, as sentiment turns towards risk assets like equities again," said Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures.

Last week, MCX Gold prices rose 2 per cent on the dollar's weakness amid rising concerns over the US debt crisis.

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, increased bond buying by large institutions signals a shift toward safer assets, boosting gold’s appeal on global exchanges.

The upcoming macroeconomic prints in the US, news flows surrounding tariffs and dollar's movement will be key factors that will determine the trajectory of gold.

"In the coming sessions, gold is expected to trade in a broad range between ₹95,000 and ₹96,500. Key macroeconomic releases, including US manufacturing and services PMI data, along with new home sales figures, will be closely watched by traders for directional cues amid continued global volatility," said Trivedi.

Experts' strategy for MCX Gold

Experts expect gold prices to remain volatile this year and suggest buying the yellow metal on dips.

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global bond markets and geopolitical tensions. We suggest buying gold and silver on dips, looking to the positive momentum and expecting a trading range of gold ₹95,800-97,500 and for silver ₹96,650-99,600 in today's session," said Jain.

According to Jain, gold has support at $3,334-3,310, while resistance is at $3,384-3,508 per troy ounce, and silver has support at $33.30-33.00, while resistance is at $33.88-34.20 per troy ounce in today’s session.

MCX old has support at ₹95,800-95,250 and resistance at ₹96,950-97,500, while silver has support at ₹97,250-96,600 and resistance at ₹98,850-99,600.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,315-3,290 while resistance is at $3,364-3,378. Silver has support at $33.20-32.95 while resistance is at $33.74-33.90.

In INR, gold has support at ₹96,010-95,740, while resistance is at ₹96,850-97,240. Silver has support at ₹97,380-96,650, while resistance is at ₹98,950-99,750.

Kamboj highlighted that while there may be some near-term profit booking in gold, the recent turn of events shows the risks that come with the Trump administration and the ad-hoc tariff impositions, which make gold a safe bet.

"Therefore, any dip in gold prices could be used as a long-term accumulation opportunity. Further, the euro has gained over the dollar, and this is the beginning of a currency war, which will eventually affect gold prices," said Kamboj.

According to Renisha Chainani, the head of research at Augmont, gold prices are expected to trade in the range of $3,275 (nearly ₹95,000) and $3,375(nearly ₹96,400) in the near term.

Either side breakout or breakdown may give 2-3 per cent movement. Silver is expected to continue its range-bound momentum from $32 (nearly ₹94,000) to $34(nearly ₹98,000) going forward, Chainani said.

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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.