Gold rate today: Following a strong pullback in the US dollar rates and tariff hike getting implemented in Canada and Mexico from today, the MCX gold rate came under pressure during the Opening Bell. However, gold prices today witnessed strong buying once profit-booking was triggered in the US dollar as the greenback failed to sustain at two-year highs. After a weak opening in early morning deals, gold prices today witnessed strong buying, and the gold futures contract on the Multi Commodity Exchange (MCX) for April 2025 expiry touched a new peak of ₹82,815 per 10 gm.
On why gold prices today on an uptrend after a weak opening during the early morning session on Monday, Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said, “MCX gold rate came under pressure in early morning deals as the US dollar rates surged to two-year higher levels. However, the greenback failed to sustain at higher levels, and the US Dollar Index slipped close to 109 levels after inching close to 110 levels. This spurt buying in the precious yellow metal, which fueled the MCX gold rate to a new peak.”
Advising gold investors to remain vigilant about the tariff news, Kaynat Chainwala, AVP — Commodity Research at Kotak Securities, said, "On Saturday, President Trump signed an order imposing a 25% tariff on Mexico and Canada, along with a 10% duty on China. In response, these key trading partners are preparing countermeasures. Trump also plans to introduce additional tariffs on other targets, including the EU, which has added to market uncertainty. There are growing fears that these tariffs could fuel inflationary pressures and keep the Federal Reserve on its "higher for longer" rate path."
Speaking on the key levels regarding MCX gold rate today, Jateen Trivedi, VP — Research for Commodity and Currency at LKP Securities, said, "The expected range for MCX gold rate today is ₹80,500 per 10 gm to ₹83,000, excluding any duty-related adjustments."
Colin Shah, MD at Kama Jewelery, expects gold prices to follow the US dollar's movement for some time. "Gold prices are expected to follow the US dollar index for some time. We expect gold prices to be in focus in 2025, which will be driven byTrump’s stance on tariffs.”
According to the All India Sarafa Association, the gold price in Delhi hit a new peak of ₹84,900 on 31 January 2025. The association said the rally was driven by robust domestic demand and strong global cues.
After hitting a new high of ₹84,900 in Delhi on the last session of the previous month, the yellow metal rallied by ₹5,510 or 7 per cent since January 1, when it traded at ₹79,390 per 10 grams in the local market.
(With inputs from PTI)
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