Gold Prices Rise to ₹1.61 Lakh in India Amid Slowing Crude Oil Prices and US-Iran Tensions
Gold and Silver Prices Rise Amid Safe-Haven Demand
MCX Gold Rate Today: The ₹1,61,743 per 10 gm opening price on the Multi Commodity Exchange (MCX) marked a strong start to the day, with prices touching an intraday high of ₹1,61,791 per 10 gm, logging an intraday gain of around 1%.
COMEX Gold Price: In the international market, the COMEX gold price opened upside and touched an intraday high of $5,195.15/oz, logging an intraday gain of around 1.50%.
US Dollar Rate: The US dollar rate dipped on cooling oil prices, with oil prices in international markets falling from $119.43 per barrel to $90 per barrel, logging an intraday loss of around 4% and a nearly 25% dip from yesterday's 52-week high of $119.43 per barrel.
Market Outlook: According to Ponmudi R, CEO of Enrich Money, the broader bullish framework remains intact, supported by sustained momentum and strong breakout continuation from previous consolidation zones. The gold price continues to hold firmly above key moving averages and the resistance zone of the prior all-time high, gradually edging higher and signalling strengthening momentum.
Support and Resistance Levels: Strong buying interest is visible in the $5,000 support band, while a break below this band could trigger further downside, potentially dragging prices toward the $4,900 level. As long as gold holds above the $5,000 support band, the bullish trend remains dominant, while a sustained breakout above $5,400–$5,600 could open the path toward fresh record highs.
Short-Term Outlook: The MCX gold rate today is trading near the 1,60,000 level, with further support seen around 1,57,000. Prices are currently in a short-term consolidation phase, with a positive tilt amid sustained risk-off flows, and are holding firmly above critical support zones.
Long-Term Outlook: Whether gold prices will remain a safe-haven asset for investors and whether it will break its current all-time high, much would depend on the US-Iran war. According to Anuj Gupta, the geopolitical tension in the Middle East needs to end soon, or the global economy will face another slowdown.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Investor Takeaway
Investors should be aware of the potential impact of crude oil prices on gold prices.
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