Practically, there was nothing about precious metals in July. Both gold and silver were trapped in a range and the price action was devoid of any meaningful tendency.
The strengthening of the US dollar played an important role in maintaining the prices of precious metals. The decision of the US Federal Reserve to keep the interest rates unchanged is another factor that can act as a moist for the spirit of precious metals.
Comex Gold almost closed almost unchanged at $ 3,342.3 at the end of July, represents 0.82% profit. The performance of Comex Silver was relatively more unstable with white metal at a high level of the new 52-week of $ 39.9 before the end of July reduced to $ 36.79 by $ 36.79. It represents a 1.3% profit on the basis of month-by-month.
MCX Gold Price closed at 1098,778 per 10-gram at the end of July, mirrors in global markets. MCX Silver posted a better performance, registering a lead of 3.5% in July at ₹ 1,09,998 per kg.
Contraction
Comex Gold Price is still unable to get out of a wider range of $ 3,120-$ 3,450. Only one breakout from the region will set the tone for the next large step. The recent price action suggests progressive contraction in volatility in value action. It is usually a prediction for a large trending step. Violation of the upper or lower end of the above border will trigger the next large step in gold.
As seen in the previous months, the comex silver price assembled some traction, as it had gone to $ 34.5 above the upper end of the former border. The price also reached a target area of $ 39.5- $ 40.5 mentioned last month. Silver is in a short -term pulsback after a recent rally. It is likely to remain in a cool near period from overbott zone. After the completion of the ongoing pullback, the long -term uptrend will resume. One step above $ 38.5 will suggest to resume uptrend. The MCX Gold Price is still limited within a broad range of ₹ 91,000- ₹ 1,01,000. This range will trigger a strong step towards a breakout breakout.
Gold’s next goal
As seen last month, above ₹ 1,02,000, the price can go to the next target area of ₹ 1,08,000- ₹ 1,10,000. MCX Silver Price Got the speed in the first half of July and the price mentioned last month and reached the target area of 1,16,500- of 1,18,500. MCX Silver can remain dull in short-term and 3 1,01,500- ₹ 1,02,500.
In short, gold is likely to remain, but silver looks slightly weak for a cool-off before starting its long-term uptrend.
(The author is a Chennai -based analyst / merchant. It is not for a business or investment advice.)
Published – August 04, 2025 06:19 AM IST
