The Gold price saw a rise in international markets after the currency and bond yields retreated ahead of the US and India inflation statistics. Gold prices traded with gains in morning trade on the domestic futures market, mirroring strong global trends.

The dollar index dropped 0.2% to its lowest point since May 11, making gold more affordable for holders of foreign currencies. Benchmark 10-year US Treasury yields decreased as well, falling to their lowest levels in almost a week, according to Reuters.

Investors will be keenly watching the US inflation statistic, which is coming later today. This number will indicate how the US Fed may proceed with future rate hikes. Gold prices will benefit if inflation declines.
On July 26, it is anticipated that the Fed will increase interest rates by 25 basis points. The yellow metal is under pressure as a result of rate increases, but experts point out that the market may have already factored in a 25 bps rate increase after last week's jobs report revealed the US economy is still robust.

At Intraday, MCX Gold for August delivery traded 0.20 percent higher at Rs. 58,890 per 10 grammes.

The majority of analysts suggest keeping the stop loss in mind while betting on gold since they anticipate that the price will stay volatile during today's session.

"On the MCX, gold is supported between Rs. 58,550 and 58,330, while silver is supported between Rs. 70,700 and 70,200, and both levels are levels of resistance. We advise purchasing gold around Rs. 58,600 with a stop loss of Rs. 58,380 and silver around Rs. 70,800 with a stop loss of Rs. 70,200 and a target price of Rs. 72,000, said analysts.

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