Gold, silver prices fall on easing tariff worries; is it the right time to buy precious metals?
The dollar index fell to a more than two-week low of 97.11, making precious metals cheaper for other currency holders.
MCX Gold August 5 contracts traded 0.43 per cent lower at ₹ 98,988 per 10 grams, while MCX Silver September 5 contracts were 0.70 per cent down at ₹ 1,14,821 per kg around 9:10 AM.
Gold and silver prices are down amid signs of easing trade tensions.
The US has finalised a trade deal with Japan and, according to media reports, is close to a deal with the European Union (EU) that would impose 15 per cent tariffs on European imports.
India, too, is actively engaged in negotiations for a deal with the US.
Meanwhile, Prime Minister Narendra Modi is on a two-day visit to the United Kingdom (UK). During his two-day visit of July 23-24, PM Modi and his counterpart Keir Starmer are likely to sign the historic free trade agreement between India and Britain that was announced earlier in May.
Amid Trump's tariff news, investors await the European Central Bank's (ECB) interest rate decision, which is due later today.
Besides, on the macro front, the US weekly jobless claims prints and S&P Global flash PMI data will also be in focus.
Next week's Federal Reserve monetary policy decision will also influence market sentiment.
Experts expect volatility in precious metals in the near term because of key central banks' interest rate decisions and tariff-related news flows as the August 1 deadline nears.
Some experts suggest booking some profits in gold at the current juncture as elevated prices could cause demand fatigue and trigger some consolidation.
"Following our long-standing bullish stance on the yellow metal, we are now taking a cautious pause in July 2025 — without completely turning away from it," said Manav Modi, Analyst- Precious Metal Research at Motilal Oswal Financial Services.
"While normal price fluctuations will continue, for gold prices to move beyond current all-time highs, the market requires fresh and significant catalysts. We are likely to see a period of price consolidation until the emergence of any decisive or longer-term triggers,' said Modi.
Some experts suggest buying silver on dips at the current juncture.
"We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets and ahead of the ECB monetary policy meetings. We suggest buying silver on dips around ₹ 1,15,000-1,14,400 with a stop loss of ₹ 1,13,300 for the target of ₹ 1,16,200-1,17,400," said Manoj Kumar Jain of Prithvifinmart Commodity Research.
According to Jain, gold has support at $3,370-3,355, while resistance is at $3,419-3,440 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 ₹ 99,000-98,500 and resistance at ₹ 99,850-1,00,100, while silver has support at ₹ 1,14,750-1,14,000 and resistance at ₹ 1,16,600-1,18,000.
(This is a developing story. Please check back for fresh updates.)
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Read more stories by Nishant Kumar
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.
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