Finance Desk – Gold prices dropped in early trade on Thursday (July 18), mainly due to stronger US dollar and easing global worries. Meanwhile, silver prices edged higher thanks to good demand in the spot market.
At 9:05 AM, on the MCX (Multi Commodity Exchange):
Gold (August 5 contract) was down 0.30% at ₹97,490 per 10 grams
Silver (September 5 contract) was up 0.10% at ₹1,11,748 per kg
Why Is Gold Falling?
The US dollar index rose 0.20%, making gold more expensive for those using other currencies.
Trade tensions eased after US President Donald Trump said the US is close to a trade deal with India.
Trump also denied reports of removing Federal Reserve Chair Jerome Powell, calming investor nerves.
The US Fed is expected to hold interest rates steady until at least September.
What’s Supporting Silver?
Strong buying in the spot market is keeping silver prices supported.
Silver had been catching up with gold’s rally, but experts now believe that catch-up trend may be over.
Expert Advice: Buy on Dips
Manoj Kumar Jain (Prithvifinmart Commodity Research):
Buy gold near ₹97,300
Target: ₹98,100
Stop loss: ₹96,850
Buy silver near ₹1,10,800
Target: ₹1,12,800
Stop loss: ₹1,09,900
Gold Support & Resistance Levels (USD):
Support: $3,340–$3,327
Resistance: $3,374–$3,389
Silver Support & Resistance Levels (USD):
Support: $37.80–$37.40
Resistance: $38.40–$38.70
Rahul Kalantri (Mehta Equities):
Gold (INR):
Support: ₹97,320–₹96,980
Resistance: ₹97,980–₹98,280
Silver (INR):
Support: ₹1,10,280–₹1,09,450
Resistance: ₹1,11,950–₹1,13,000
Outlook
Experts say that although gold is facing pressure now, the long-term outlook remains positive due to global uncertainties and steady demand from central banks.
For now, traders are advised to wait for dips and enter with proper stop losses to manage risk.
