Gold rate today: Yellow metal inches close to lifetime high on weak US dollar. Is it right time to invest in MCX gold?

Gold rate today: Following weakness in the US dollar and economic uncertainty caused by Donald Trump’s tariff flair, gold prices witnessed some buying interest during the early morning session on Thursday. MCX gold rate today opened upside at ₹86,077 and touched an intraday high of ₹86,089 in early morning deals. In the international market, the spot gold price was quoted at $2,922 per ounce, while the COMEX gold price was $2931 per troy ounce. While hitting the intraday high of ₹86,089 per 10 gm, MCX gold rate inch close to the lifetime high of ₹86,549 per 10 gm.

Jateen Trivedi, VP of Research – Commodity and Currency at LKP Securities, said, “Gold prices remained positive in COMEX as the precious yellow metal saw the rise of 0.39% to $2,917, supporting MCX gold, which was neutral as rupee strength kept MCX Gold rates weak. The rally was driven by fresh tariff retaliations, with Canada and China imposing tariffs on the US, fueling safe-haven demand. On the economic front, key US data, including ADP Nonfarm Employment, Nonfarm Payrolls, and Unemployment figures, will be closely monitored. MCX gold rate is expected to trade from ₹84,500 per 10 gm to ₹86,750 per 10 gm.”

is it right time to invest in gold

“There’s still buying interest out there now … there’s going to be some measure of caution ahead of Friday’s (payrolls data), but the underlying trend remains favorable,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Concerns about U.S. President Donald Trump’s tariff measures have driven up the prices of safe-haven gold to 11 record highs this year, peaking at $2,956.15 on February 24, and culminating in an overall year-to-date gain of 11%.

In an address to Congress late on Tuesday, Trump said further tariffs would follow on April 2, including “reciprocal tariffs” and non-tariff actions to balance out years of trade imbalances.

That move would follow new 25% tariffs on most imports from Mexico and Canada that took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%.

The ADP National Employment Report revealed a slowdown in U.S. private payroll growth in February. There was an increase of only 77,000 jobs, below the forecast for a gain of 140,000.

Economists surveyed by Reuters are predicting U.S. nonfarm payrolls for February will show a gain of 160,000 jobs when the data is released on Friday.

“If the number comes out really bad, I would imagine gold sells off. If it comes out neutral, I don’t think that’s going to move the needle too much. But if it comes out bullish, then gold takes off and we get pretty quick to $3,000, if not higher than that,” said Daniel Pavilonis, senior market strategist at RJO Futures.

(With inputs from Reuters)

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