The price of gold in India and the international market saw some selling pressure in early morning dealings after US President Donald Trump halted the 25% tariff on Mexico and Canada for one month, easing the potential trade war. Within minutes of the Opening Bell, the MCX gold rate fell to an intraday low of ₹83,125 per 10 gm after opening flat today. While the price of COMEX gold maintains at $2,850 per troy ounce, the price of spot gold on the global market fluctuates around $2,819 per ounce.
Gold prices are under pressure after reaching a fresh high in India and the global market, according to analysts in the commodity market. The 25% tariff, which was supposed to take effect on February 1, 2025, has been put on hold by Donald Trump. The threat of a trade war has subsided as a result, and the US dollar has dropped from its two-year high.Trump's halt on tariffs
"The gold price today is under pressure due to the ease in trade war fear after the US President Donald Trump decision to pause 25% proposed tariff on Mexico and Canada," explained Anuj Gupta, Head of Commodity & Currency at HDFC Securities, in response to a question about the cause of the decline in gold rates today.
IG market strategist Yeap Jun Rong predicted that gold prices will only decline slightly, saying, "In the current highly dynamic environment, where market volatility and policy flip-flops are likely to dominate, gold prices may continue to stay supported."
Today's gold price outlook and key levels
"The safe-haven demand for gold is still intact as ease in trade war fear is temporary," stated Anuj Gupta of HDFC Securities, who unveiled a trade plan for gold investors. The current range of the MCX gold rate is ₹82,200 per 10 gm to ₹84,000 per 10 gm. Any decline in the lower range ought to be interpreted as a chance to buy. The price of spot gold on the global market ranges between $2,780 to $2,840 per ounce.
For a while, Colin Shah, MD of Kama Jewelery, anticipates that gold prices will fluctuate in tandem with the US dollar. For a while, gold prices are anticipated to track the US dollar index. We anticipate that Trump's position on tariffs will push attention to gold prices in 2025. He claimed that although US dollar rates reached a two-year high last week, the greenback has since decelerated following Donald Trump's tariff delay.
On Monday, the price of gold in fresh Delhi reached a fresh high of ₹85,300 per 10 grams. The All India Sarafa Association claims that the continued demand from stockists and jewelers caused gold prices to soar on Monday.
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