Gold price today: Rates rise ahead of US Fed meeting minutes; experts highlight key levels for MCX Gold

Gold price today: Gold rates rose in the domestic futures market on Wednesday morning ahead of the release of the US Federal Open Market Committee’s (FOMC) May meeting minutes, which could influence market expectations regarding the US central bank’s interest rate trajectory. However, rates were capped due to the dollar's rise and amid easing trade tensions between the US and the European Union (EU). MCX Gold June 5 contracts traded 0.42 per cent up at ₹95,545 per 10 grams around 11:20 AM.

The dollar index rose over 0.20 per cent, making the yellow metal expensive for holders of other currencies.

Investors' focus now is on the US FOMC meeting minutes, scheduled for later today and the Q1 US core Personal Consumption Expenditures (PCE) prints on Thursday.

On May 7, the US Federal Reserve decided to keep the key benchmark interest rates unchanged at 4.25–4.50 per cent and flagged growing risks stemming from President Donald Trump's aggressive tariff policy regime.

Amid growing concerns over the US debt due to Trump's tax-cut bill, investors seek clarity about the Fed's monetary policy path, though the central bank chairman, Jerome Powell, has been reiterating that the inflation risk still persists.

Meanwhile, after a five-month slide, US consumer confidence rebounded in May amid a temporary US-China trade deal. According to reports, the Consumer Confidence Index rose 12.3 points to 98 in May against 85.7 in April.

Gold prices have been volatile for the last few sessions. On Tuesday, gold June futures contract settled at ₹95,143 per 10 grams, a loss of 0.83 per cent amid a rebound in the dollar index after Trump delayed tariffs on the European Union.

Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures, pointed out that gold prices are currently trending lower as investor sentiment shifts towards riskier assets. However, several underlying factors, including concerns about the US economic outlook and the ongoing deadlock in the Russia-Ukraine conflict, could support a potential rebound from current levels.

Experts highlight key levels for MCX Gold

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,300-3,274, while resistance is at $3,350-3,368 per troy ounce, and silver has support at $33.00-32.80, while resistance is at $33.58-33.84 per troy ounce in today’s session.

MCX Gold has support at ₹94,800-94,400 and resistance at ₹95,500-96,000, while silver has support at ₹96,650-96,000 and resistance at ₹98,250-99,100.

"We suggest buying gold and silver until it is holding its key support levels of ₹94,400 and ₹96,650, respectively, on a closing basis. Gold may retest ₹96,000 and silver could also retest ₹98,250-99,000 levels in the upcoming sessions," said Jain.

According to Deveya Gaglani, Senior Research Analyst - Commodities, Axis Securities, immediate support is seen around ₹95,600.

"A decisive break below this level could open the door for further downside toward ₹95,000 and potentially ₹94,500 in the coming sessions," said Gaglani.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.