Gold rate today: Following ease in the possible trade war after US President Donald Trump paused the 25% tariff on Mexico and Canada for one month, gold price today in India and the overseas market witnessed some selling pressure in early morning deals. MCX gold rate today opened flat but soon touched an intraday low of ₹83,125 per 10 gm within a few minutes of the Opening Bell. In the international market, spot gold price oscillates around the $2,819 per ounce mark, whereas COMEX gold price hovers around $2,850 per troy ounce.
According to commodity market experts, gold prices are under pressure after hitting a new peak in India and the international market. Donald Trump has paused the 25% tariff, which had to become applicable from 1 February 2025. This has eased the trade war fear, leading to a retreat in the US dollar rates, which had climbed to atwo-year high.
Speaking on the reason for dip in gold rates today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “Gold price today is under pressure due to the ease in trade war fear after the US President Donald Trump decision to pause 25% proposed tariff on Mexico and Canada.”
Expecting a limited downside in gold prices, Yeap Jun Rong, an IG market strategist, said, "In the current highly dynamic environment, where market volatility and policy flip-flops are likely to dominate, gold prices may continue to stay supported."
Unveiling trade strategy for gold investors, Anuj Gupta of HDFC Securities said, “The safe-haven demand for gold is still intact as ease in trade war fear is temporary. MCX gold rate is currently in ₹82,200 per 10 gm to ₹84,000 per 10 gm range. Any dip around the lower range should be seen as a buying opportunity. In the international market, spot gold price is in the $2,780 to $2,840 per ounce range.”
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 by Trump’s stance on tariffs.” He said that US dollar rates ascended to a two-year high last week, but the greenback has cooled down from the higher levels after Donald Trump's tariff pause.
Gold rates in New Delhi climbed to a new peak of ₹85,300 per 10 gm on Monday. According to the All India Sarafa Association, gold prices peaked on Monday due to sustained demand from jewellers and stockists.
(With inputs from Reuters and PTI)
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment.
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