Gold Price Today: Why Bullion Looks Flat and How to Trade MCX Gold, Silver This Week

Gold and silver opened Monday’s session with muted gains in the domestic futures market as a US-European Union trade deal shifted investor preference towards equities, dampening demand for precious metals. A steady US dollar further curbed appetite for safe-haven assets.

At 9:15 AM, MCX Gold August 5 contracts edged up 0.07% to ₹97,890 per 10 grams, while MCX Silver September 5 contracts inched 0.05% higher to ₹1,13,107 per kg.

The subdued start followed a major trade breakthrough: US President Donald Trump and European Commission President Ursula von der Leyen agreed on a broad deal imposing 15% tariffs on most European imports — avoiding Trump’s earlier threat of a 30% duty if no pact was reached by August 1.

Focus Shifts to Central Bank Policy

Investor attention now turns to the Federal Reserve’s policy meeting and the Bank of Japan’s (BoJ) decision later this week. Both central banks are expected to hold rates steady, but their statements could hint at the path ahead. Analysts believe the Fed may signal a rate cut in September, while the BoJ could weigh another hike later this year following its recent deal with Japan.

“Investors are bracing for a busy week ahead, featuring the Fed policy meeting and key economic data releases,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Trading Strategy for MCX Gold, Silver

Manoj Kumar Jain of Prithvifinmart Commodity Research recommends cautious buying in gold despite expected volatility.

“We suggest buying gold around ₹97,700 with a strict stop loss at ₹97,380 for a target of ₹98,300,” Jain advised.

Support & Resistance Levels (Prithvifinmart):

♦ MCX Gold: Support ₹97,440–97,100; Resistance ₹98,280–98,600

♦ MCX Silver: Support ₹1,12,200–1,11,000; Resistance ₹1,14,000–1,15,115

♦ Global Gold: Support $3,309–3,280; Resistance $3,355–3,370 per troy ounce

♦ Global Silver: Support $38.00–37.70; Resistance $38.74–39.09 per troy ounce

Brokerage Motilal Oswal offered a similar view, citing supports for gold at ₹97,500 and ₹97,000, with resistance at ₹98,300 and ₹98,700. For silver, support lies at ₹1,12,400–1,11,800 and resistance at ₹1,13,700–1,14,200.

Bottom Line

With global markets eyeing the Fed and BoJ policy updates, gold and silver are likely to remain range-bound and volatile this week. Analysts advise traders to stick to strict stop-loss levels and track central bank cues closely before making fresh positions.