Gold traded higher on MCX on August 3 amid a decline in the US dollar, following a sharp fall in crude oil prices after US President Donald Trump said that talks with Iran will take place on Monday. August gold futures rose 0.28% to Rs. 1,43,780. September silver futures advanced 0.89% to Rs. 2,19,124. Meanwhile, Brent crude futures declined 5.05% to $83.49 per barrel. US West Texas Intermediate (WTI) edged lower by 5.76% to $79.79 per barrel.
24K gold trades at Rs. 1,44,220 per 10 grams, while 22K gold at Rs. 1,32,200. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,600, while Delhi was at Rs. 1,44,370, and Chennai at Rs. 1,44,550.
US gold prices rose on Monday as oil prices fell after US President Donald Trump held off on fresh attacks on Iran in hopes of a swift deal.
Spot gold was up 0.4% at $4,055.76 per ounce. US gold futures rose 0.9% to $4,054. Spot silver gained 1.4% to $58.46, platinum climbed 0.5% to $1,650.63, and palladium firmed 1.6% to $1,293.50.
Also Read: How to Find a Gold IRA Company That Isn’t a Scam?
“Gold has made a relatively cheery start to the week, but gains remain limited given the uncertainty around the oil markets and the Middle East, so it's an upbeat but guarded start for the metal,” said Tim Waterer, chief market analyst at KCM Trade.
"Any renewed escalation in the Middle East that pushes oil higher, or a strong NFP print that reinforces September rate-hike odds, could cap the upside," Waterer said.
Internationally, gold has support at $4,014 and $3,980 and resistance is at $4,074 and $4,110 per troy ounce, while silver has support at $56.80 and $56.30 and resistance is at $59.40 and $60 per troy ounce.
On MCX, gold has support at Rs. 1,42,750 and Rs. 1,42,200, and resistance is at Rs. 1,44,000 and Rs. 1,44,550, while silver has support at Rs. 2,15,500 and Rs. 2,14,000 and resistance at Rs. 2,19,000 and Rs. 2,20,500.