Gold rate today: Following the rise in safe-haven demand for gold on macro-economic uncertainty caused by Donald Trump’s tariff rant, MCX gold rate continues to trade above ₹86,000 per 10 gm mark. Gold futures contract opened with a downside gap at ₹86,058 per 10 gm and touched an intraday low of ₹85,980 within a few minutes of the Opening Bell on Wednesday.
According to experts, gold prices are under pressure as the US dollar has rebounded from two-month lower levels, putting some breaks on the gold price rally. However, the recent imposition of new tariffs by the Donald Trump administration in the US is going to keep the yellow metal’s safe-haven demand intact. They advised a ‘buy-on-dip’ strategy as MCX gold rates are expected to sustain above their current support at ₹85,500 per 10 gm.
Triggers for gold price rally
“The prospect of escalating trade tensions bolstered gold’s safe-haven appeal. However, hawkish comments from Federal Reserve officials limited further gains. Fed Governors Bowman and Waller expressed cautious views on additional interest rate cuts, citing persistent inflationary pressures. Investors are now focused on releasing the Fed’s meeting minutes on Wednesday, which could provide further insights into the central bank’s policy outlook. Additionally, geopolitical developments, including the ongoing Russia-Ukraine conflict, remain a key factor influencing market sentiment,” Kotak Securities said.
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