Gold Rate Sees Uptrend as Deteriorating Oil Prices Ease Inflation Concerns, US Fed Rate Cut and US Dollar Dynamics in Focus

Gold Rate Today: Sharp Rally in International Markets Drives Prices Higher

The MCX gold rate in India opened with an upside gap, driven by a sharp rally in international markets. The price of gold in India opened higher at ₹1,43,079 per 10 gm and touched an intraday high of ₹1,44,434 per 10 gm within a few minutes of the Opening Bell. This represents an intraday gain of around 4% against its previous day's close of ₹1,38,912 per 10 gm.

In the international market, the COMEX gold rate opened upside and reached a high of $4,633/oz, with the price currently above $4,600 per ounce. According to market experts, the gold price today is rising amid easing inflation fears as WTI crude oil prices crashed further, slipping below $90 per barrel. The US Dollar rate also tumbled after reports of the US-Iran ceasefire.

Market experts attribute the rising gold rate to a combination of factors, including easing inflation fears and a falling US dollar. Anuj Gupta, a SEBI-registered market expert, notes that the market is expecting a US Fed rate cut amid easing inflation fears. The falling US dollar and easing fears of US inflation have triggered buzz about a US Fed rate cut, which is fueling gold prices today.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Ponmudi R, CEO of Enrich Money, forecasts a sustained move above $4,550 could push the COMEX gold rate toward $4,700–$4,750. The MCX gold rate today has broken above the resistance range of ₹1,39,000 to ₹1,40,000 per 10 gm, and the precious yellow metal is now heading for the next target of ₹1,46,000. However, Anuj Gupta notes that the MCX gold rate may not be able to break above the crucial ₹1,55,000 resistance as a falling US dollar is expected to strengthen the Indian Rupee. The national currency is expected to gain from the falling crude oil prices as well.