Gold price today: MCX gold rate retraces from record high. Opportunity to buy?
- Gold rate today: MCX gold rate opened lower at ₹84,460 per 10 gm in early morning session on Thursday
Gold rate today: Following trade war buzz on Donald Trump's protectionist policy and dip in the US dollar rates, MCX gold rate climbed to a new peak of ₹84,767 per 10 gm on Wednesday evening. However, the gold price today witnessed some profit-booking, leading to some downside pressure on the precious yellow metal. Gold futures contract on Multi Commodity Exchange (MCX) for April 2025 expiry opened at ₹84,460 per 10 gm but soon gathered upside momentum and touched an intraday high of ₹84,569 levels. In the international market, spot gold price oscillated around $2,869 per ounce after hitting a new peak of $2,877 on Wednesday.
According to experts, the gold rate today is on an uptrend due to the geopolitical trade war buzz and dip in the US dollar rates. They said the MCX gold rate has made an immediate base at the ₹84,000 mark. On breaching below this support, the precious yellow metal may try to come close to its crucial support placed at ₹83,1400 per 10 gm mark.
What is fueling gold rates today?
On triggers that may continue to fuel gold rates today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said, “Gold continued to hit fresh record highs as geopolitical and trade war fears boosted demand for traditional safe-haven assets gold. Trade war fears have uplifted precious metals since President Trump returned to the White House, causing a series of new highs in gold prices. Investors consider gold the best hedge against Trump's policy uncertainty. Despite the overbought RSI, momentum traders also appear to be bullish on gold.”
Highlighting the trade war buzz, which is fueling gold prices today, Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal, said, “Gold prices touched an all-time high in yesterday’s session, underpinned by safe-haven demand after China responded to US tariffs, which President Donald Trump initially imposed on the world's largest consumer of gold. China swiftly hit back with tariffs on U.S. imports, intensifying the trade war between the world's two largest economies, even as Trump granted temporary reprieves to Mexico and Canada. On Tuesday, US President Donald Trump said that he saw no urgency in speaking with Chinese President Xi Jinping to ease a growing trade war sparked by his sweeping 10% tariffs on all Chinese imports.”
“The market views the tariffs as inflationary, potentially boosting safe-haven demand for bullion, traditionally seen as a hedge against rising prices and geopolitical turmoil. President Trump also commented that the US would take over and develop the Gaza Strip, increasing uncertainties in the market. Data showed U.S. job openings in December fell to 7.6 million, falling short of the consensus estimate of 8 million, indicating potential economic slowdown,” Motilal Oswal expert said.
Dip in US dollar rates
“The downward pressure in the US dollar following weaker-than-expected US macro triggered further upside in the precious metals. US JOLTs job openings declined from 8.156 million to 7.6 million, further indicating moderation in job markets. The factory orders also decreased by 0.9% month-over-month in December,” said Anuj Gupta of HDFC Securities.
Gold rate today: Important levels
Expecting a sharp rebound in gold price, Anuj Gupta of HDFC Securities said, “MCX gold rate has immediate support placed at ₹84,000 per 10 gm, and it is facing hurdle at ₹85,000 to ₹85,200 per 10 gm range. On breaching below ₹84,000 mark, the precious bullion may try to come close to its next crucial support, which is placed at ₹83,100 per 10 gm mark.”
Anuj Gupta said that spot gold price is also trading in $2,830 to $2,890 per ounce range.
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.
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