Gold Price Today News: Gold opened lower today, down nearly 1%, while silver dipped 0.5%. However, gold continues to hold above the $3,300 mark and silver remains firm above $36. Renewed trade talks between top U.S. and Chinese officials in London are fueling market anticipation, especially regarding export controls on critical goods like rare earths. President Donald Trump said the discussions were progressing well and that he was “only getting good reports,” according to Reuters.
Monday’s Market Summary
On Monday, international markets closed on a positive note. Gold August futures settled at $3,354.90 per troy ounce, up 0.25%, while silver July futures rose 1.82% to $36.796. Domestically, gold August futures ended at ₹97,173 per 10 grams, up 0.14%, and silver July futures gained 1.54%, settling at ₹1,07,087 per kilogram. The start of the new week was marked by high volatility in both metals.
Market Drivers and Investor Sentiment
Gold prices dropped sharply during early trading on trade deal developments between the U.S. and China but rebounded due to a weaker dollar index and lower U.S. bond yields. Additionally, support came from China’s central bank, which bought gold for the seventh straight month in May. Uncertainty around the final terms of the trade deal is keeping investors cautious and turning them toward gold as a safe-haven asset.
Silver Shines Amid Dollar Weakness
Silver hit fresh 13-year highs, supported by a weak dollar and strength in industrial metals. According to Manoj Kumar Jain, gold and silver are likely to remain volatile this week due to macroeconomic uncertainty, geopolitical concerns, and upcoming U.S. inflation data. Gold could find support at $3,240 and silver at $34 on a weekly closing basis.
Technical Outlook for Today
Jain said Gold has immediate support at $3,330–3,310 and resistance at $3,374–3,400. Silver’s support lies at $36.50–36.15, with resistance at $37.00–37.40. On MCX, gold support stands at ₹96,600–96,180 and resistance at ₹97,700–98,200. Silver has support at ₹1,06,000–1,04,800 and resistance at ₹1,08,000–1,09,400. A buy recommendation is suggested for silver around ₹1,06,000–1,06,500 with a stop loss at ₹1,04,800 and targets of ₹1,07,700–1,08,500.
Manoj Jain on Currency Trends
According to Jain, the USD-INR pair is showing a positive MACD crossover but facing stiff resistance. On the daily chart, support is seen at 85.4500–85.2000, and resistance at 85.9400–86.2200. The pair is currently trading above its key support at 85.6100 and is expected to stay within the 84.4000–86.8000 range this week. Traders should watch the 85.4500–86.0500 zone closely for breakout opportunities.
Kedia Commodity Gold Silver Forecast
Technically, gold is in short covering as open interest fell 3.4% to 13,182. Support lies at ₹96,540, with further downside seen at ₹95,910, while resistance is at ₹97,545, and a breakout may push prices to ₹97,920. Silver Immediate support lies at ₹105,760, below which prices could test ₹104,430. On the upside, resistance is pegged at ₹107,795, and a break above may take prices toward ₹108,500.
Kedia Commodity and Currency
USDINR trading range for the day is 85.44-85.92.
EURINR trading range for the day is 97.72-98.26.
GBPINR trading range for the day is 115.9-116.58.
JPYINR trading range for the day is 59.47-60.17.
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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.
