Gold Price Today: Yellow metal hits new peak of ₹87,866 per 10 gm on MCX; Profit booking eyed on tariff resolution
- Gold Price Today: The yellow metal hit back-to-back record highs, settling at ₹87,866 per 10 gram on the MCX. In global markets, spot gold climbed 1.6 per cent to $2,979.76 an ounce after hitting its twelfth-record peak this year earlier in the session.
Gold Price Today: Gold prices hit back-to-back record highs on the multi-commodity exchange (MCX), driven by elevated tariff uncertainty after the latest US inflation data failed to ease global trade war concerns. However, the cooling inflation print raised the US Federal Reserve's interest rate cut bets, and the easing of monetary policy kept bullion's appeal stronger than before.
MCX gold rate today opened upside at ₹86,816 and touched a new peak of ₹86,875 pe 10 gm within a few minutes of the opening bell. The yellow metal hit back-to-back record highs, settling at ₹87,866 per 10 gram on the MCX. In the global markets, spot gold climbed 1.6 per cent to $2,979.76 an ounce after hitting its twelfth record peak this year earlier in the session.
Gold prices are up nearly 14 per cent so far this year after a solid 27 per cent gain in 2024. US gold futures settled 1.5 per cent higher at $2,991.3. On Thursday, gold prices raced to a record high within touching distance of the key milestone of $3,000 per ounce, driven by elevated economic uncertainty.
Gold Prices Today: What's driving the yellow metal to record highs?
-US President Donald Trump's fluctuating trade policies have helped gold, an asset preferred by investors amid geopolitical and economic turmoil. US Commerce Secretary Howard Lutnick said a recession in the US would be "worth it" to get "Trump's economic policies in place".
-The US Federal Reserve's monetary policy meeting is next on the radar. The central bank is expected to keep its benchmark overnight interest rate in the 4.25 per cent-4.50 per cent range. Since September, the US Fed has reduced rates by 100 basis points and paused its easing cycle in January.
-Traders expect policymakers will resume cutting borrowing costs in June. Data from the US Labor Department showed producer prices were unexpectedly unchanged in February, while the consumer price index rose 0.2 per cent last month after accelerating 0.5 per cent in January.
-SPDR Gold Trust, the world's largest gold-backed ETF, said its holdings rose to 907.82 metric tons on February 25, 2025, the highest since August 2023. Meanwhile, the People's Bank of China data showed that China continued its gold purchases for a fourth consecutive month in February.
Where are gold prices headed?
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold posted weekly gains, rising 1.30 per cent in Comex and one per cent in MCX, supported by the US dollar's weakness below 103.75.
Softer-than-expected US inflation data reinforced expectations of interest rate cuts in both the US and India. “The positive momentum in gold remains intact, but tariff discussions will keep volatility elevated. Any resolution on tariffs could trigger profit booking in gold. The expected price range for the coming sessions is between ₹84,500 and ₹87,500,” added Trivedi.
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, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.
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