Gold Prices Ease on Profit Booking; Trump Tariff Fears Keep Bullion Supported
Gold prices dipped on July 22 as investors booked profits from recent gains, but ongoing uncertainty over Trump's tariff moves continues to support bullion sentiment. Key MCX levels highlighted for traders
image for illustrative purpose
On July 22, gold futures in India softened after recent gains, weighed down by profit-taking. The MCX August gold contract fell approximately 0.10% to Rs 99,225 per 10 grams, while MCX Silver September slipped around 0.42% to Rs 1,14,562 per kg at 9:10 AM IST.
In contrast, the previous session saw strong gains, with gold rising 1.3% to Rs 99,328 and silver up nearly 2% to Rs 1,15,046. The dip came as the dollar remained stable and spot demand softened—yet persistent trade-related uncertainties, particularly over tariffs from the Trump administration, continue to support safe-haven bullion.
Market participants are also closely monitoring upcoming events like Federal Reserve Chair Powell’s speech today and the ECB's policy decision on July 24, both of which could sway bullion prices.
Analyst insights:
- Jigar Trivedi (Reliance Securities): Geopolitical and economic uncertainty supports gold; Powell/Bowman’s remarks may steer the central bank’s policy path.
- Manoj Kumar Jain (Prithvifinmart): Expects continued volatility. Recommends buying silver on dips near Rs 1,13,500 with a stop loss of Rs 1,12,200 and targeting Rs 1,16,000.
| Commodity | Support (INR) | Resistance (INR) |
|---|---|---|
| Gold | Rs 98,400–98,850 | Rs 99,650–1,00,100 |
| Silver | Rs 1,13,300–1,14,000 | Rs 1,16,000–1,17,400 |
