Gold and silver prices today: Gold and silver rates on the MCX climbed on Wednesday (5 August) morning amid declines in the US dollar and crude oil prices, while investors’ focus was also on the RBI MPC policy decision today.
MCX gold October futures were 0.56% up at ₹1,45,110 per 10 grams, while MCX silver September futures were nearly 1% up at ₹2,23,690 per kg around 9:10 AM.
The dollar index declined by about 0.10% to 99.77, making greenback-denominated bullion slightly cheaper for buyers in other currencies.
Crude oil benchmark Brent crude declined more than 1% to trade near $78 per barrel, even as US President Donald Trump said that the Strait of Hormuz will open ‘very soon’ or Iran will be ‘hit very hard’ amid ongoing talks between Iran and Oman over the strategic waterway.
After the US Federal Reserve left interest rates unchanged at its latest policy meeting, the Reserve Bank of India (RBI) is also expected to follow suit.
RBI Governor Sanjay Malhotra is set to announce the policy decision at 10 AM on 5 August.
Market participants and economists largely expect the RBI to maintain the repo rate at 5.25%. Harshal Dasani, Business Head – INVasset PMS, believes the key takeaway from the RBI’s August monetary policy is unlikely to be the interest rate decision, but rather the central bank’s commentary on inflation, liquidity conditions and the broader macroeconomic outlook amid heightened global uncertainty.
Moreover, the focus is on the US ADP employment report due later today and the July payrolls report scheduled for Friday, which will influence expectations for the US Fed’s next monetary policy in September.
Key levels to watch
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4,120 and $4,089, and resistance is at $4,184 and $4,222 per troy ounce, while silver has support at $59.10 and $58.40, and resistance is at $61.60 and $62.80 per troy ounce in today’s session.
MCX gold has support at ₹1,43,350 and ₹1,42,600 and resistance at ₹1,45,000 and ₹1,45,550, while silver has support at ₹2,20,000 and ₹2,17,700 and resistance at ₹2,23,000 and ₹2,25,500, said Jain.
“We suggest buying gold around ₹1,43,500 and ₹1,42,800 with a stop loss below ₹1,42,000 for the target of ₹1,45,000 and ₹1,45,550 and buying silver around ₹2,20,000 and ₹2,19,000 with a stop loss below ₹2,17,700 for the target of ₹2,23,000 and ₹2,25,000,” said Jain.
“Domestic gold prices will also continue to take cues from rupee movements, alongside global bullion trends. Technically, MCX gold is expected to trade in the ₹1,42,500 to ₹1,44,500 range in the near term,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Ravi Singh, Chief Research Officer at Master Capital Services, noted that the metal also remains firmly above its 200-day EMA, indicating that the broader trend remains constructive.
“The latest bullish candle, supported by steady buying interest, suggests improving momentum, with the next upside objective placed near the 55-day EMA. As long as prices sustain above the 200-day EMA, the overall strategy remains buy on dips,” said Singh.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. 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.
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