Gold price today: Rates climb amid persisting global uncertainty; experts unveil strategy for MCX Gold

Gold price today: Gold prices climbed in the domestic futures market on Tuesday morning amid persisting uncertainty over US President Donald Trump's tariff policy, an uptick in spot market demand, and a largely stable US dollar. MCX Gold for April 4 contracts traded 0.19 per cent higher at ₹87,445 per 10 grams around 9:10 AM.

Global uncertainty stemming from Trump's tariff policies, escalating geopolitical tensions, and US Fed rate cut expectations remain the key drivers for gold prices.

However, domestic spot gold prices have been falling for five consecutive sessions. It has come down by about ₹1,000 amid a lack of fresh triggers and a stable dollar index.

Trump's tariff move is fueling uncertainty, a key driver of gold prices, which tend to rise during periods of market instability.

On Monday, Trump said not all tariffs he proposed would be imposed on April 2.

"Trump said on Monday that automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2, and some countries may get breaks," reported Reuters.

The prospect of further US Fed rate cuts is also a positive factor for gold. However, concerns remain that sticky inflation could slow the pace and magnitude of these reductions.

According to a Reuters report, the Atlanta Federal Reserve President sees the possibility of only one 25 bps rate cut this year.

"Atlanta Federal Reserve President Raphael Bostic said on Monday he anticipates slower progress on inflation in the coming months and, as a result, now sees the Fed cutting its benchmark rate only a quarter of a percentage point by this year-end," reported Reuters.

The near-term trigger for gold would be the Fed's preferred inflation measure, the Personal Consumption Expenditures (PCE) index data, due on Friday.

Experts' strategy for MCX Gold and Silver

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests selling gold for around ₹87,500 with a stop loss of ₹87,800 and a target of ₹86,950, as he expects gold prices to remain volatile.

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war," said Jain.

According to Jain, gold has support at $3,022-3,008 and resistance at $3,055-3,070 per troy ounce. He said silver has support at $33.15-32.80 and resistance at $33.74-34.00 per troy ounce in today’s session.

MCX Gold has support at ₹87,000-86,650 and resistance at ₹87,550-87,800. Silver has support at ₹96,650-96,100 and resistance at ₹98,000-98,850, said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,988-2,970 while resistance at $3,028-3,048. Silver has support at $32.75-32.55 while resistance is at $33.24-33.48.

In INR, gold has support at ₹86,940-86,680, while resistance is at ₹87,510-87,680. Silver has support at ₹96,750-96,050, while resistance is at ₹98,620-99,350, said Kalantri.

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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.