Gold rates today close to record high. Trump’s speech in focus

Gold price today: Despite weakness in the US dollar rates and uncertainty in the global economy caused by US President Donald Trump’s tariff flare, gold prices edged lower on Wednesday. MCX gold rate today opened lower at ₹85,931 per 10 gm and touched an intraday high of ₹85,977 within a few minutes of the Opening Bell. However, the precious yellow metal continues to trade close to its record high of ₹86,549 per 10 gm. 

According to market experts, gold rates today are marginally lower, but the overall trend is positive, and any big dip should be seen as a buying opportunity by gold investors. They said that gold prices today are trading flat as investors await the outcome of Donald Trump’s speech in the US Congress today. They said the US dollar rates have also touched a three-month low, which is expected to fuel buying at lower levels.

Donald Trump’s speech in focus

Speaking on the gold price outlook for the near term, Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said, “Gold rates today are trading flat in early morning deals as investors await the outcome of Donald Trump’s most awaited speech in the US Congress. However, no surprise is expected in Trump’s speech, and US dollar rates hitting a three-month low is expected to provide confidence  to fresh buyers.” 

“The implementation of tariffs brings a high level of uncertainty to the markets, and safe-haven products like gold and silver continue to do well,” said David Meger, director of metals trading at High Ridge Futures.

“The dollar has been under pressure against some of the other major currencies, which has also been supportive,” he added.

“String of disappointing US economic data has painted a bleak picture of the country’s growth outlook, fueling expectations for two rate cuts this year, with the first anticipated in June and the second in September. Today, gold is trading above $2,900, as concerns over slowing growth and elevated inflation, triggered by US tariffs and geopolitical issues, continue to drive safe-haven demand,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.

Trump’s new 25% tariffs on imports from Mexico and Canada took effect at 0501 GMT. He also doubled duties on Chinese goods to 20%. China hit back immediately with an additional 10%-15% tariff on certain U.S. imports from March 10 and a series of new export restrictions for designated US entities.

(With inputs from Reuters)

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