Gold Market Report

Key Figures:

• ₹1,60,251: MCX gold rate per 10 gm at opening
• ₹1,59,764: Intraday low of MCX gold rate per 10 gm
• ₹507: Intraday loss of MCX gold rate per 10 gm
• $5,120/oz: COMEX gold rate
• ₹1,56,000 - ₹1,57,000: Strong buying interest demand zone in India
• ₹1,65,000: Potential breakout zone for bullish momentum

Market Analysis

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The MCX gold rate today opened flat but sustained above ₹1,60,000 per 10 gm. The precious metal touched an intraday low of ₹1,59,764 per 10 gm, logging an intraday loss of ₹507 per 10 gm. However, it witnessed value buying and soon entered the green territory.

Major Triggers

The gold rate today is mainly driven by three factors: US-Iran war news, the US dollar rate, and oil price movements. The US-Iran war and continuous blockage in the Strait of Hormuz have aided the petro-dollar system, driving oil prices in a bull trend. As a result, the gold price today is moving in the opposite direction to the oil price and the US dollar rates.

Outlook

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After recently touching record highs, the metal has entered a short-term corrective phase, though the broader bullish framework remains intact. Prices continue to hold above key moving averages, reflecting underlying strength supported by safe-haven demand amid geopolitical uncertainty. Strong buying interest is visible in the $5,000–$5,100 support zone, while a break below this band could push prices toward the $4,900 level. A sustained breakout above $5,200–$5,250 could pave the way for fresh record highs.

India Outlook

In India, strong buying interest remains visible in the ₹1,56,000 to ₹1,57,000 demand zone. As long as prices hold above this base, the medium-term bullish outlook remains intact. A sustained breakout above ₹1,65,000 could revive bullish momentum toward ₹1,75,000 to ₹1,80,000.