Gold rate rises on MCX on value buying amid the dollar's weakness
MCX gold rate today jumped by almost 1% to ₹1,43,829 per 10 grams, while MCX silver May contracts rose by nearly 2% to ₹2,23,978 per kg in the morning deals.
Gold price today: Gold rate rose on the MCX on Friday, March 27, morning amid a softer dollar, which seems to have prompted value buying in the yellow metal after the recent decline.
MCX gold June futures jumped by almost 1% to ₹1,43,829 per 10 grams, while MCX silver May contracts rose by nearly 2% to ₹2,23,978 per kg in the morning deals.
The dollar index declined by about 0.10%, making gold slightly cheaper in overseas currencies and influencing its demand.
However, elevated crude oil prices due to persisting uncertainty over the West Asian conflict remain a key challenge for the yellow metal.
Gold prices have witnessed sharp volatility in March amid the US-Iran war. The West Asian conflict has driven crude oil prices significantly higher, leading to a surge in the dollar index and weighing on gold prices.
Domestic spot gold prices have declined nearly 9% so far in March, as per MCX data.
Gold rate today: Will this rally sustain?
"Gold and silver may see a mild near‑term recovery, but breaking recent highs looks difficult. While supportive geopolitics could underpin sentiment, a firm US dollar is likely to cap strong upside, keeping price movements relatively restrained for now," said Hareesh V, Head of Commodity Research, Geojit Investments.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, highlighted that the lack of clarity on the reopening of the Strait of Hormuz keeps underlying risks intact, with crude price risk not off the table.
"The current rise appears to be more of a relief rally and short covering rather than fresh bullish momentum. As long as geopolitical uncertainty and inflation concerns persist, gold is likely to remain volatile. Near-term range for gold is seen between ₹1,35,000– ₹1,55,000," said Trivedi.
Outlook for the gold price today
Speaking on the broader range for the COMEX and the MCX gold rate today, Anuj Gupta, a SEBI-registered market expert, said the COMEX gold rate today is in a broader $4,250 to 4,500 per ounce range, while the MCX gold rate today is in the ₹1,30,000 to ₹1,55,000 per 10 gm.
Israel-US-Iran war
Highlighting the role of the Middle East crisis, Ponmudi R, CEO at Enrich Money, said the overall structure is showing signs of recovery, supported by persistent geopolitical tensions in the Middle East, which continue to drive safe-haven demand and provide a strong underlying cushion to prices.
“On the upside, the $4,670–$4,750 range remains an important resistance band. A sustained move above $4,750 could extend the prices toward $4,850, where stronger supply pressure may emerge. On the downside, a break below $4,500 may accelerate weakness toward the $4,360–$4,400 level,” the Enrich Money expert said.
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Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade. <br><br> He is obsessed with breaking down complex financial and economic concepts into clear and engaging stories. He focuses not only on what is happening in the markets, but also why it matters. <br><br> His coverage includes stock market trends, sector rotations, monetary and fiscal policy developments, inflation, growth data, and personal finance strategies. <br><br> With nearly 10 years of experience in covering financial markets, Nishant has covered bull markets, corrections, policy transitions, and macro developments that has equipped him with a deep understanding of how domestic and global forces shape markets and affect investments. <br><br> He regularly interviews market veterans, fund managers, economists, policymakers, and corporate leaders to provide readers with a 360-degree view of market dynamics and the broader economic landscape. <br><br> Before joining Mint, Nishant worked with some of India’s most respected business newsrooms, including The Economic Times and Moneycontrol, where he reported extensively on the stock market, corporate earnings, macroeconomic trends, GDP, inflation, monetary policies of the RBI and the US Federal Reserve, bonds, and currencies. <br><br> Apart from economics and investing, he has interests in geopolitics and emerging technologies, such as AI.
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