Gold Price Today News: Gold prices dropped below the critical $3,300 per troy ounce level in the spot market on Wednesday, weighed down by improving trade sentiment between the U.S. and China. In COMEX futures, gold remained slightly above the $3,300 mark, while MCX gold fell nearly ₹1,000 to hover around ₹96,000 per 10 grams.
U.S., China Finalize Rare Earth Trade Pact Ahead of Tariff Deadline
The White House confirmed that the U.S. and China have finalized a trade understanding focused on Beijing’s commitment to supply rare earth elements—key inputs for industries ranging from electronics to defense. The agreement, reached in Geneva last month, is part of President Donald Trump’s broader plan to secure trade deals with 10 key partners before a July 9 deadline to reimpose higher tariffs.
However, the deal is limited in scope. It depends on China’s follow-through on rare earth exports and does not resolve larger trade disputes such as fentanyl trafficking or expanded market access for American businesses.
Trade Talks With Allies Stall Amid Uncertainty Over U.S. Tariffs
Meanwhile, negotiations between the U.S. and key allies—including Japan, India, and the European Union—remain stalled due to concerns over possible new tariffs on critical exports like semiconductors, pharmaceuticals, and steel. These levies are tied to national security probes by the U.S. Commerce Department, with decisions expected soon under Section 232 of the Trade Expansion Act.
India is pressing the U.S. for equal treatment, demanding that any future deal offer terms at least as favorable as those given to other nations.
China’s Industrial Sector Faces Growing Pressure
Adding to global market concerns, China’s industrial profits plunged 9.1% year-on-year in May—the steepest fall in seven months—highlighting the limited impact of Beijing’s stimulus measures. Cumulative profits for the first five months of 2025 fell 1.1%, pointing to continued financial stress across China’s factories, utilities, and mining firms.
Todays Big Event
Precious Metals Outlook: Volatility Persists Amid Mixed Global Cues
Manoj Kumar Jain, Director, Prithvi Finmart:
“Gold and silver are experiencing high volatility, supported by weakness in the dollar index, which recently fell to 3.5-year lows. U.S. GDP contracted 0.5% in Q1 versus an expected 0.2%, giving further support to precious metals. However, de-escalation in the Middle East and a rebound in equity markets are capping gains.”
Jain forecasts gold support at $3,284 and silver at $35.50 on a weekly closing basis. In today’s session, gold may find support at $3,309–$3,284 with resistance at $3,366–$3,388, while silver’s range is expected between $36.30–$35.95 on the lower side and $36.74–$37.00 on the upper end.
On the MCX, gold support is seen at ₹96,600–₹96,100 and resistance at ₹97,500–₹97,920. For silver, the key support is ₹1,05,800–₹1,05,000, while resistance lies at ₹1,07,400–₹1,08,200.
Kedia Commodity Technical View: Gold, Silver Under Pressure
Kedia Commodity reports fresh selling pressure in gold as open interest rose 0.02% to 13,532 lots. Gold’s key support is at ₹96,550, with potential to test ₹96,015. Resistance is seen at ₹97,630 and ₹98,175.
Silver has immediate support at ₹1,05,895, with further downside risk to ₹1,05,030. On the upside, resistance is pegged at ₹1,07,535, and a break above could take prices to ₹1,08,310.
Augmont Gold and Silver Predictions
Motilal Oswal Gold and Silver Predictions
Geojit Group View on Gold and Silver
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
