Gold prices on MCX opened lower on Thursday after the US Federal Reserve policy decision and President Donald Trump’s tariffs on India and other countries.
MCX gold rate opened lower at ₹98,900 per 10 grams level as against its previous close of ₹98,983. MCX silver prices also plunged over a percent to open sharply lower at ₹1,12,108 per kg as compared to previous close of ₹1,12,864 level.
At 9:05 AM, MCX gold rate was down by ₹182, or 0.18%, at ₹98,801 per 10 grams. MCX Silver price was trading lower by ₹1,414, or 1.25%, at 1,11,270 per kg.
In the international bullion market, gold prices rebounded from a one-month low hit in the previous session, as trade uncertainty stemming from fresh US tariff announcements lifted bullion demand despite reduced expectations of a US rate cut.
Spot gold price rose 0.4% to $3,286.99 per ounce. Bullion hit its lowest level since June 30 in the previous session. US gold futures fell 0.5% to $3,282.10.
The US Federal Reserve held interest rates steady and Chair Jerome Powell’s comments following the decision dampened expectations of rate cuts in September.
Gold is often considered a safe-haven asset during economic uncertainties and tends to do well in a low interest rate environment.
Market participants now await the US core PCE index data due later in the day, which is expected to rise 0.3% MoM and 2.7% YoY, as per a Reuters poll.
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