Gold price today: Rates rise on Trump's tariff, Russia-Ukraine tensions; US Fed Chair Jerome Powell's speech eyed

Gold price today: Gold rates climbed in the domestic futures market Monday morning as a fresh escalation in tensions between Russia and Ukraine and US President Donald Trump’s threat to double tariffs on steel and aluminium imports boosted demand for safe-haven assets. The dollar’s decline and an uptick in domestic spot demand also supported futures prices. MCX Gold August 5 contracts traded 0.26 per cent higher at ₹96,125 per 10 grams around 9:10 AM.

According to news agency Reuters, Ukraine’s Security Service of Ukraine (SBU), the nation’s domestic security agency, carried out a massive drone attack against Russia on Sunday.

Meanwhile, Russia and Ukraine are likely to meet on Monday in Istanbul for peace talks. This will be their second round of direct peace talks since 2022.

Trump on Friday said he may raise tariffs on steel and aluminium imports to 50 per cent from the current 25 per cent, raising concerns that the US trade war with its trading allies may be far from over.

There are also reports that indicate issues in the US-China trade deal. Bloomberg reported that “China has accused the US of violating their recent trade deal and vowed to take measures to defend its interests.”

“Trump’s announcement of doubling steel tariffs to 50 per cent, along with renewed trade friction with China, signals potential escalation between the world’s two largest economies. These developments could either stabilise gold prices or trigger a rebound from lower levels, especially if equity markets respond negatively and attract dip buyers back to gold,” said Aksha Kamboj, Vice President, India Bullion and Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

The dollar index also lost some steam, making gold cheaper in overseas currencies.

The focus now is on the US Federal Reserve Chairman Jerome Powell’s speech later today, which will shape expectations about the central bank’s interest rate trajectory this year.

Experts highlight key levels for MCX Gold

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,284-3,260, while resistance is at $3,344-3,364 per troy ounce, and silver has support at $32.88-32.60, while resistance is at $33.44-33.80 per troy ounce in today’s session.

MCX Gold has support at ₹95,440-95,100 and resistance at ₹96,250-96,660, while silver has support at ₹96,350-95,500 and resistance at ₹97,800-98,450.

“We expect very high price volatility in gold and silver in today’s session ahead of the Fed Chairman’s speech,” said Jain.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,274-3,250 while resistance is at $3,324-3,342. Silver has support at $32.72-32.40 while resistance is at $33.35-33.55.

In INR, gold has support at ₹94,510-94,180, while resistance is at ₹95,150-95,440. Silver has support at ₹96,260-95,650, while resistance is at ₹97,650-98,550.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.