MCX Gold, Silver Climb as Weaker Dollar Supports Bullion Ahead of Key US Economic Data

Gold and silver prices finished higher on the Multi Commodity Exchange (MCX) on Monday, supported by gains in the international market.

Gold October futures settled at ₹1,43,610 per 10 grams, up 0.1%, while Silver September futures closed 0.4% higher at ₹2,18,266 per kg.

In overseas trade, spot gold was quoted around $4,104 an ounce, up 0.3%, while spot silver gained 0.9% to trade near $58.3 an ounce.

Why Are MCX Gold and Silver Prices Rising?

The main support for bullion came from a weaker US dollar.

A softer dollar makes gold cheaper for buyers using other currencies and often improves demand for the metal. Prices also drew support after US President Donald Trump said fresh talks with Iran would begin, easing concerns over a wider conflict in West Asia.

The announcement pushed crude oil prices sharply lower, reducing fears that higher energy costs would keep inflation elevated. That improved sentiment towards precious metals, although gains remained capped by higher US Treasury yields and expectations that interest rates may stay elevated for some time.

Global Cues Continue to Drive Bullion

Gold ended July with its first monthly gain since February and has carried that momentum into the new month.

Market participants are now looking beyond the Federal Reserve's latest policy meeting and waiting for fresh economic data from the United States. Manufacturing activity, labour market numbers and other macroeconomic indicators later this week are expected to offer more clarity on the interest-rate outlook.

Any signs of a slowdown in the US economy could strengthen expectations of policy easing later this year, while stronger-than-expected data may support the dollar and limit gains in bullion.

MCX Gold & Silver Technical Outlook:

Kotak Neo Commodity Research sees MCX Silver (September) trading with a bearish bias in the ₹2,16,400-₹2,19,200 range. The first support is placed near ₹2,17,580, while resistance is seen around ₹2,19,396.

For gold, immediate support is placed at ₹1,41,240, followed by ₹1,40,839. Resistance is seen near ₹1,42,542 and ₹1,42,943.

What Could Move Bullion Next?

For now, the direction of gold and silver is likely to depend on two factors—the US dollar and incoming economic data from the United States. Investors will also watch developments around the renewed US-Iran talks. Any progress in negotiations could reduce demand for safe-haven assets, while fresh geopolitical tensions may once again push investors towards bullion.

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