Gold price today: The COMEX gold rate today opened higher and touched an intraday high of $4,751.26/oz.(Photo: Bloomberg)Table Of ContentsGold, Silver Rates Today LIVE: MCX gold rate above ₹1.51 lakh, silver slipsAI Quick ReadGold rate today: Following the ceasefire buzz in the US-Iran war, easing inflation fears, and buzz for a US Fed rate cut, gold prices witnessed buying interest in Asian and Indian markets during the morning session today. The MCX gold rate today opened with an upside gap at ₹1,51,427 per 10 gm and touched an intraday high of ₹1,51,870, logging an intraday gain of nearly 0.50%.
Likewise, the COMEX gold price today saw buying interest in Asian markets during the morning session, reaching an intraday high of $4,751.26 per ounce. While gold prices climbed to this intraday high, the international market hit a two-week high.
On why the gold price is rising today, Anuj Gupta, a SEBI-registered market expert, said, “The US President Donald Trump has declared that the US military would vacate Iran in the next two to three weeks, as the US administration believes their goal of eliminating the country’s nuclear threat has been achieved.”
Connecting the US-Iran ceasefire with other triggers, Anuj Gupta said, “After the de-escalation in the US-Iran war, the market believes the crude oil prices would scale down, enabling the inflation fears to fade out. The market also believes that fading inflation fear may boost the US President's morale to ask the new US Fed chief for a possible rate cut.” He said that pressure on the US dollar is also a reason for rise in the gold and silver rates today.
Expecting volatility in the gold and silver prices, Sugandha Sachdeva, Founder of SS WealthStreet, said, “Technically, international gold prices are seen supported near $4,170 per ounce, while resistance is placed around $4,850 per ounce. On the domestic front, prices are likely to find support near the ₹1,35,000-133500 zone, with a strong resistance zone seen around ₹1,57,600. A sustained break beyond this range will be required to establish a clear directional trend.”
Gold fell more than 11% in March in its steepest monthly fall since October 2008 due to rising expectations of hawkish monetary policy and as the dollar emerged as a safe-haven winner since the Iran war started on February 28.
Traders have almost completely priced out any chance of a U.S. Federal Reserve rate cut this year from about two cuts expected before the war. [FEDWATCH]
Gold tends to thrive in a low-interest-rate environment as it is a non-yielding asset.
"Should geopolitical tensions de-escalate further, then expectations for Fed easing could return. In such a scenario, real yields can ease, providing support for gold," said Christopher Wong, a strategist at OCBC.
(With inputs from Reuters)
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Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records.
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While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat.
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Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities.
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Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).