Gold rate today in India: Following profit-booking in the US Dollar Index after the sharp fall in crude oil prices, gold and silver prices rose amid safe-haven demand during early morning deals on Tuesday. The MCX gold rate today opened upside at ₹1,61,743 per 10 gm and touched an intraday high of ₹1,61,791 per 10 gm, logging an intraday gain of around one per cent. In the international market, the COMEX gold price today opened upside and touched an intraday high of $5,195.15/oz, logging an intraday gain of around 1.50%.
US Dollar rate dips on cooling oil prices
On why the gold price today is on an uptrend, Anuj Gupta, a SEBI-registered market expert, said the gold rate today is rising due to weakness in the US Dollar. He said this could become possible due to the sharp fall in crude oil prices. The SEBI-registered expert said that oil prices in international markets have fallen 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.
Ponmudi R, CEO of Enrich Money, said the broader bullish framework remains intact, supported by sustained momentum and strong breakout continuation from previous consolidation zones. He said that 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.
“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,” Enrich Money CEO said.
Outlook for gold price today in India
Ponmudi R of Enrich Money said 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.
Can gold price climb to a new peak?
Whether gold prices will remain a safe-haven asset for investors and whether it will break its current all-time high, Anuj Gupta said, much would depend on the US-Iran war. He said the geopolitical tension in the Middle East needs to end soon, or the global economy will face another slowdown.
“Robust buying interest persists in the ₹1,50,000 to ₹1,55,000 demand band following the recent surge driven by Middle East tensions. A hold above this base, followed by a sustained breakout above ₹1,70,000, may revive momentum toward ₹1,75,000 to ₹1,80,000, preserving a bullish medium-term perspective,” Ponmudi R of Enrich Money said.
US-Iran war news
According to Reuters, the U.S. dollar pared gains on Monday after U.S. President Donald Trump told CBS in an interview he thinks the war against Iran “is very complete,” allaying investor worries about a protracted conflict that could disrupt global energy supplies and weigh on economic growth.
The United States is “very far ahead” of Trump’s initial four- to five-week estimated time frame on the war, the president said, according to a CBS reporter
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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