Gold price today: Gold rates rose to hit a record high of ₹1,02,250 per 10 grams in the domestic futures market Friday (August 8) morning as growing fears about Trump tariffs boosted safe haven demand. The dollar’s weakness also supported gold prices. MCX Gold October 3 contracts traded 0.50 per cent higher at ₹1,01,978 per 10 grams, while MCX Silver September 5 contracts were up 0.98 per cent at ₹1,15,409 per kg around 3 PM.
After doubling the tariffs on Indian imports for buying Russian energy, US President Donald Trump has said that trade negotiations with India will remain on hold until the ongoing tariff dispute is resolved.
Trump has imposed a 50 per cent tariff on Indian imports, which, according to experts, will reduce India’s GDP growth by 0.3 per cent to 0.6 per cent.
Trump’s tariffs on imports from several countries came into effect on Thursday.
Meanwhile, media reports that the US had imposed tariffs on imports of 1-kilogram gold bars also fuelled a rally in the yellow metal.
A Financial Times report suggested that the US has imposed tariffs on imports of 1-kilogram gold bars, dealing another trade blow to Switzerland, the world’s biggest gold-refining hub.
The dollar‘s weakness against its peers is also supporting the gold price. The greenback fell almost half a per cent to 97.96 during the session, making gold cheaper in other currencies.
Experts highlight key levels for MCX Gold, Silver
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold and silver prices may remain volatile in today’s session amid US tariffs-related uncertainty and volatility in the dollar index.
Jain expects gold to test ₹1,03,000 per 10 grams in today’s session. He suggests buying silver above ₹1,14,000 with a stop loss of ₹1,12,800 for the target of ₹1,15,500-1,16,650.
“Gold has support at $3,434-3,409, while resistance is at $3,509-3,540 per troy ounce, and silver has support at $38.00-37.70, while resistance is at $38.80-39.10 per troy ounce in today’s session,” said Jain.
MCX Gold has support at ₹1,01,000-1,00,475 and resistance at ₹1,02,200-1,03,500 while silver has support at ₹1,13,400-1,12,750 and resistance at ₹1,15,500-1,16,650, Jain said.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,364-3,345 and resistance at $3,410-3,425. Silver has support at $37.85-37.65 and resistance at $38.34-38.55.
In INR, Kalantri said gold has support at ₹1,01,050-1,00,650 while resistance is at ₹1,01,750-1,01,980. Silver has support at ₹1,13,680-1,12,850 while resistance at ₹1,15,000-1,15,700.
Read all market-related news here
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.