Whenever uncertainty increases in the world, investors turn to those instruments that are considered safe. And gold and silver have always been seen as such a safe investment.
Gold and silver prices rise on MCX
It started strongly on the Multi Commodity Exchange (MCX) on Thursday morning. Gold opened at ₹ 97,600 per 10 grams, which was much higher than the previous closing price of ₹ 97,357. By 9:15 am it was trading at ₹ 97,462, i.e. with a gain of ₹ 105 or 0.11%.
On the other hand, talking about silver, it also did not disappoint investors. Silver price opened at ₹ 1,06,405 per kg, which is much higher than the previous ₹ 1,05,980. In no time, it rose by ₹ 510 to reach ₹ 1,06,490.
Weak US dollar added shine
A major reason for the rise in gold prices in the international markets is the weakness in the US dollar. The dollar has fallen to its lowest level since March 2022, making gold cheaper for foreign buyers. Due to this, spot gold rose 0.2% to $3,339.20 an ounce, while US futures gold is trading 0.3% higher at $3,353.10. Spot silver also rose 0.2% to $36.36 an ounce.
Trump vs Powell: Political crisis looms over the central bank
A major reason behind this boom is the talk of former US President Donald Trump removing Federal Reserve Chairman Jerome Powell. According to the Wall Street Journal report, Trump may appoint someone else in place of Powell in September or October. Such news has increased uncertainty in the market, which has increased the demand for gold.
Know what experts say
Mehta Equities Limited Vice President Rahul Kalantri says that a big drop in the dollar index, weak consumer confidence and fear of a global recession have strengthened gold. Along with this, the Russia-Ukraine war and the increase in the defence budget of NATO countries are also contributing to this boom.
At the same time, Jigar Trivedi of Reliance Securities says that Powell has made it clear in the US Senate that the Fed is not in favour of reducing rates immediately, as there is a permanent fear of inflation due to tariffs. In such a situation, investing in gold gives relief to investors.
What next
Now, all eyes are on US GDP data and Personal Consumption Expenditure (PCE) data, which can further impact investment sentiment.
Technical Outlook 
According to Rahul Kalantri, international gold prices are getting support at $3,310-$3,287 and resistance at $3,360-$3,375. Talking about silver, support is seen at $36.00-$35.70 and resistance at $36.55-$36.75.
MCX Gold has support at ₹96,950 – ₹96,680 and resistance at ₹97,850 – ₹98,200. Silver may face support at ₹1,05,380 – ₹1,04,600 and resistance at ₹1,06,950 – ₹1,07,800.
Disclaimer: The information and views expressed in this article are those of the respective experts or broking companies. Please consult your financial advisor before making any investment. The author or publisher will not be responsible for your investment loss.
Also Read:
- Gold Price Update 2025: Relief from Weak Dollar and Rate Cut Hopes, But Risks Still Loom
- Gold Price Today: Sharp Drop After Iran-Israel Ceasefire, Check City-Wise Rates
- How Much Gold Can You Legally Keep? Find Out the Limits and Rules
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