Gold price today: Rates rise as US-China trade tussle boosts safe haven demand; experts share key levels for MCX Gold

Gold price today: Gold rates climbed in the domestic futures market Wednesday morning, supported by growing uncertainty about the US-China trade tussle and a largely stable US dollar. MCX Gold August 5 contracts traded 0.27 per cent higher at ₹97,980 per 10 grams around 11:55 AM.

Mounting uncertainty over US-China trade relations is boosting gold's safe-haven appeal.

According to a PTI report, China on Monday accused the US of "seriously violating their recent Geneva trade truce by introducing multiple restrictive measures like AI chip export control guidelines, stopping the sale of chip design software to China and revoking visas for Chinese students."

Meanwhile, a Bloomberg report said Chinese Foreign Minister Wang Yi complained to new US Ambassador David Perdue about recent US actions that have soured relations between the two countries.

Meanwhile, the US dollar index was stable, as better-than-expected US jobs data supported the greenback.

"Bullion prices experienced some profit-taking at higher levels following a strong rally driven by escalating geopolitical tensions between the US and China. So far, there have been no signs of progress toward resolving either the US-China tariff dispute or the ongoing Russia-Ukraine conflict," Aksha Kamboj, Vice President, India Bullion and Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, pointed out.

Kamboj believes gold may regain appeal as a defensive asset after the OECD lowered its global growth outlook.

The Organisation for Economic Cooperation and Development (OECD) warned of a deeper economic slowdown due to the Trump administration's trade policies.

Kamboj said the current pullback in gold prices appears to be a minor correction within a broader upward trend.

Experts highlight key levels for MCX Gold

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold and silver prices could be volatile in the near term.

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions and volatility in the global bond markets. We suggest buying silver around ₹1,01,000-1,00,200 with a stop loss of ₹99,400 for the target of ₹1,02,400-1,03,500," said Jain.

Jain finds support for gold at $3,355-3,330, while resistance is at $3,400-3,414 per troy ounce. Silver has support at $34.30-33.94, while resistance is at $35.00-35.35 per troy ounce in today’s session.

Jain said MCX Gold has support at ₹97,220-96,850 and resistance at ₹98,200-98,650, while silver has support at ₹1,00,400-99,800 and resistance at ₹1,02,400-1,03,760.

According to Renisha Chainani, the head of research at Augmont, gold prices have broken the range of $3,275(nearly ₹95,000) and $3,375(nearly ₹96,400) on the upside. If this positive momentum continues, it could rise towards $3,450 (nearly ₹99,000).

Silver prices have broken the one-month range of $32.5(nearly ₹96,000) and $34(nearly ₹99,000), next resistance is $35 (nearly ₹1,01,500), said Chainani.

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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.