Gold rate today: Yellow metal oscillates near record high. Is it right time to buy gold?

Gold rate today: Following a sharp decline in the US dollar rate and trade conflict between the US and its trade partners, gold prices increased last week. MCX gold rate finished at ₹85,820 per 10 gm on Friday, ₹1,618 higher than the previous Friday’s close of ₹84,202 and ₹729 below the record high of ₹86,549 per 10 gm. MCX gold price finished below ₹86,000 after hitting a weekly high of ₹86,356. So, the yellow metal continuously oscillated around the record high in the domestic market. In the international market, spot gold price ended at $2,910 per ounce, around $52 higher than the previous Friday’s close of $2,858, while COMEX gold price finished at $2,914 per troy ounce, around $52 higher than last Friday’s close of $2,862 per troy ounce.

According to market experts, gold prices regained the ₹86,000 mark. They recouped almost all of the previous week’s losses due to the steep decline in the US dollar rates and safe-haven demand due to the economic uncertainty caused by Donald Trump’s tariff rant. However, the safe-haven demand eased at the end of the week when the US President decided to delay the full implementation of the 25 per cent tariff on Canadian and Mexican goods until April 2. They said that the spot gold price currently trades in the range of $2,850 to $2,930 per ounce, while the MCX gold rate currently trades in a broad range of ₹83,500 to ₹86,600 per 10 gm. They advised investors to maintain a buy-on-dips strategy as the overall trend is positive for the precious yellow metal.

Safe-haven demand

Speaking on the triggers that dictated gold prices last week, Sugandha Sachdeva, Founder of SS WealthStreet, said, “The rally in gold price reflects investors’ growing preference for safe-haven assets amid an uncertain economic environment. Ongoing trade conflicts between the US and its major trading partners have raised concerns about the US and global economic growth prospects. Earlier this week, President Trump imposed a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese imports. However, he announced a partial rollback of these tariffs later in the week, suppressing the US dollar index and capping gold’s safe-haven rally. Trump administration has delayed the full implementation of the 25% tariff on Canadian and Mexican goods until April 2. The retaliatory tariffs Canada and China announced further spurred gold demand.”

The steep decline in US dollar rates

“The US dollar index declined sharply by 3.5% over the week, falling from the previous weekly close of 107.564 to 103.81, its lowest level since November 2024. This marked one of the steepest weekly drops since 2013. Weak economic data also played a role in boosting gold prices. The key US non-farm payroll data reported 151K new job additions in February, slightly short of estimates. Meanwhile, the unemployment rate rose to 4.1% from the previous 4%, a potential sign of a slow labour market slowdown,” Sugandha said.

The SS WealthStreet expert said that weak economic indicators have raised fears of slower growth and potential inflation risks, which could push the US Federal Reserve toward further monetary easing. This scenario would pressure the US dollar while supporting gold prices as a non-yielding asset.

Escalating trade war fear

“Last week, the US imposed new tariffs of 25% on Mexican and Canadian imports while raising duties significantly on Chinese goods to 20%. These prompted China and Canada to retaliate immediately, while Mexico is poised to follow. Such trade war normally pushes investors into gold as a hedge for economic uncertainty, which keeps supporting prices even amidst short-term sell-offs,” VT Market reports.

The VT Market added that robust economic data and a dovish Federal Reserve policy resisted the gold price rally. Rising Treasury yields, meanwhile, continue to test gold’s relative appeal against interest-bearing instruments.

Gold rate today: Important levels to look at

Advising investors to remain vigilant about the implications regarding spot gold price and MCX gold rates, Jateen Trivedi P Research—Commodity & Currency at LKP Securities said, “Gold rate today continues to face strong resistance at $2915-$2,925 in COMEX, while in MCX, ₹86,400 remains a key resistance level, with support at ₹84,500 to ₹84,000. The gold trading range remains between ₹84,000 and ₹86,500 per 10 gm.”

On a broader range of gold rates today, Sugandha Sachdeva of SS WealhStreet said, “On the domestic front, gold prices are facing significant resistance in the ₹86,350 to ₹86,600 10 gm zone. A successful breakout could push the ice towards the ₹87,500 10 gm mark. Conversely, failure to breach this resistance may lead to a downward correction, with support at ₹84,300 per 10 gm and further at ₹83,500 per 10 gm.”

Triggers that may dictate gold prices

On important triggers that may dominate gold prices in the near term, Sugandha said, “Market participants will closely monitor the US core CPI for February, as well as the Producer Price Index and weekly unemployment claims. These economic indicators will help determine the short-term trend for bullion. Additionally, any new developments in the ongoing tariff disputes will be a crucial catalyst in shaping gold prices.”

Is it right time to buy gold?

“Overall, while gold remains in a strong uptrend, investors should remain vigilant about key resistance levels and macroeconomic data releases that could influence its trajectory,” Sugandha concluded.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.