Gold price today, Aug. 1 -- Gold rates were down in the domestic futures market Friday (August 1) morning amid a rise in the US dollar. However, concerns over a global trade war, unleashed by US President Donald Trump's tariff policies, capped the losses for the yellow metal.

MCX Gold October 3 contracts traded 0.18 per cent lower at Rs.98,596 per 10 grams, while MCX Silver September 5 contracts were 0.02 per cent down at Rs.1,09,947 per kg around 9:10 AM.

The dollar index jumped to 100.15, hitting its highest level since last May this year. Since gold is priced in the US dollar, a stronger US currency makes the yellow metal expensive in other currencies, causing demand fatigue.

Apart from the dollar's rise, waning hopes of a US Fed ra...