July 29, 2025

Gold prices have reached a two-week low, trading at Rs 98,052 per 10 grams, reflecting a decrease of Rs 223 or 0.24%. This dip comes as investors are closely monitoring the Federal Reserve's imminent policy decision, scheduled for Wednesday. Additionally, the market is influenced by positive sentiments surrounding a potential trade deal, which appears to be limiting the appeal of gold as an investment. In parallel, silver futures for July have exhibited a slight uptick, rising by Rs 278 to reach Rs 1,13,330 per kilogram. The previous Friday saw both gold and silver closing weaker in both domestic and international markets. The August futures contract for gold finished at Rs 97,819 per 10 grams, reflecting a 0.92% loss, while September silver futures settled at Rs 1,13,052 per kg, down 1.81%. These trends are attributed to a larger trend of profit-taking last week resulting from a rebound in the dollar index alongside optimism regarding trade agreements involving the U.S. and Japan. These developments have notably impacted gold and silver prices, pushing them lower as investors recoiled from precious metals amidst fears arising from potential financial uncertainties. Manoj Kumar Jain, an analyst with Prithvifinmart Commodity Research, commented on the effects of geopolitical tensions and the looming U.S. trade tariffs. He indicated that despite the pressures negatively affecting prices in recent weeks, uncertainties surrounding U.S. trade policies with various countries before the upcoming tariff deadline on August 1, as well as ongoing tensions between Thailand and Cambodia, could provide support for gold and silver prices. As of today, the U.S. Dollar Index was observed hovering around the 97.73 mark, with a slight increase of 0.09%. Analysts anticipate continued volatility in gold and silver prices amidst fluctuating global financial markets, particularly as the Federal Reserve's monetary policy meeting approaches and with the U.S. trade tariff deadline looming. Projections suggest gold may find support around $3,240 per troy ounce, and silver could hold at $36.40 per troy ounce by the end of the week. In terms of trading strategies for gold and silver on the MCX, Jain has proposed the following ranges: - **Gold** support is seen at Rs 97,440-97,100 and resistance at Rs 98,280-98,600. - **Silver** has support at Rs 1,12,200-1,11,000 and resistance at Rs 1,14,000-1,15,115. He suggests a buying opportunity for gold around Rs 97,700 with a strict stop loss set at Rs 97,380, targeting Rs 98,300. For those interested in local gold prices, today’s rates in different cities are as follows: - In **Delhi**, standard gold (22 carat) is priced at Rs 57,872 for 8 grams, while pure gold (24 carat) costs around Rs 61,760 for the same amount. - In **Mumbai**, the same categories are priced at Rs 57,528 and Rs 61,384, respectively. - **Chennai** reports 22 carat standard gold at Rs 56,808 and pure gold at Rs 60,400. - Lastly, in **Hyderabad**, standard gold (22 karat) is at Rs 57,096, and pure gold (24 karat) is priced at Rs 60,808 for 8 grams. While the market trends may shift rapidly, it is essential for investors to keep abreast of both global economic sentiments and local market conditions to make informed choices regarding gold and silver trading.

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Tags: Gold prices, Silver, Federal reserve, Market trends, Commodities,