Gold prices slip: Key resistance and support levels to watch

Gold prices edged lower on Friday (July 25) as signs of progress in global trade talks dented safe-haven demand. However, a weaker dollar capped deeper losses for the yellow metal.

In global markets, spot gold slipped 0.1% to $3,363.91 per ounce by 7:45 am IST. US gold futures also fell 0.2% to $3,365.50 per ounce. Despite the dip, bullion has gained about 0.4% an ounce so far this week.

In India, gold prices remain steady.

According to Goodreturns, 24 karat gold trades at ₹10,096 per gram. For 22 karat gold, prices hover near ₹9,254 per gram. For 18 karat gold, the rate stands at ₹7,572 per gram.

Kelvin Wong, Senior Market Analyst at OANDA, said traders booked profits as optimism grew around fresh trade deals.

“We see profit-taking from short-term bullish speculators due to trade-deal optimism. But a weaker dollar and likely Fed rate cuts continue to support gold,” Wong said.

The US and EU may reach a new agreement to reduce tariffs. This follows a fresh pact between the US and Japan. Equity markets welcomed the easing tensions, with the S&P 500 and Nasdaq hitting record highs.

“A surprise US-Japan deal and possible EU pact revived hopes for a broader trade agreement, dampening safe-haven interest. However, weaker US data offered some support,” Rahul Kalantri, VP Commodities at Mehta Equities, said.

Kalantri pegged gold support levels at $3,340–$3,320 an ounce and resistance at $3,390–$3,410 an ounce. In India, gold has support at ₹98,380–₹97,880 per 10 grams and resistance at ₹99,150–₹99,480 per 10 grams.

Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted, “In the near term, gold may stay volatile within ₹97,500–₹99,500 per 10 grams.”

Investors now await signals from the US Federal Reserve. Markets expect the Fed to keep rates steady this month but may cut rates in September.

For Indian buyers, experts suggest keeping an eye on the rupee and global dollar moves, which may sway local prices further.