Mumbai, July 19, 2025 — Gold prices on the Multi Commodity Exchange (MCX) are expected to maintain their upward momentum next week, with technical indicators suggesting resistance near ₹98,800 per 10 grams. The outlook remains cautiously optimistic amid mixed global cues and persistent geopolitical tensions.
During the week ending July 19, MCX gold futures (August contract) rose by ₹542 or 0.56%, closing at ₹98,015 per 10 grams. This modest gain came despite gold posting its first weekly loss in three weeks in the international market, driven by stronger-than-expected U.S. economic data that dampened hopes for immediate interest rate cuts.
Analysts attribute the resilience in domestic gold prices to:
- A weaker U.S. dollar, which supported bullion demand globally
- Continued safe-haven buying amid trade uncertainties, the Russia-Ukraine conflict, and unrest in the Middle East
- Expectations of two U.S. Federal Reserve rate cuts by year-end, totaling 50 basis points
In the international market, spot gold rose 0.41% to $3,352.13 per ounce, while U.S. gold futures settled 0.4% higher at $3,358.30 per ounce. However, Comex gold declined 0.17% on a weekly basis.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, support for MCX gold prices is seen around ₹97,200, with resistance near ₹98,800. “The outlook for gold prices is flat-to-positive for the next week,” he noted.
Market participants will closely monitor upcoming economic data releases, including U.S. PMI figures, durable goods orders, and housing sales. Additionally, monetary policy decisions from the European Central Bank, Central Bank of Russia, and Central Bank of Turkey are expected to influence global bullion trends.
With gold continuing to serve as a hedge against uncertainty, investors are advised to remain vigilant and consult certified experts before making trading decisions.
