Gold price today: Rates jump amid trade war fears; RBI MPC in focus; experts highlight key levels for MCX Gold

Gold price today: Gold rates rose significantly in the domestic futures market during Tuesday's session as investors rushed to safe-haven assets amid prevailing fears that a trade war between the US and its trading allies will drive the global economy down. MCX Gold June 5 contracts traded 1.14 per cent higher at ₹87,915 per 10 grams around 2:10 PM.

International gold prices were also trading higher amid heightened concerns over the global trade war. Comex Gold jumped nearly 2 per cent during the session. MCX Gold prices saw a healthy rebound on Tuesday after witnessing a loss of 1.30 per cent.

Investors are slowly discounting the impact of a trade war on the global economy. As US President Donald Trump showed no signs of backing away from his tariff plans, investors believe the trade war will only intensify going forward, creating tremendous economic uncertainty. Gold prices tend to gain during times of economic uncertainty.

Another factor which is supporting gold prices at the current juncture is the expectation of a quicker rate cut by the US Federal Reserve as the tariff war is expected to drive the US economy to a recession.

Investors focus is also on the monetary policy of the Reserve Bank of India (RBI). Most experts expect the RBI MPC to announce a 25 bps rate cut on April 9.

Experts highlight key levels of MCX Gold and Silver

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,940-2,922, while resistance at $3,000-3,034 per troy ounce and silver has support at $29.20-28.80, while resistance is at $30.00-30.45 per troy ounce in today’s session.

MCX Gold has support at ₹86,440-86,000 and resistance at ₹87,500-88,000, while silver has support at ₹87,350-86,500 and resistance at ₹89,400-90,650, said Jain.

Jian suggests buying silver above ₹88,500 with a stop loss of ₹87,600 for the target of ₹90,500.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $2,978-2,955 and resistance at $3,040-3,065. Silver has support at $29.70-29.45 and resistance at $30.40-30.65.

In INR, Kalantri said gold has support at ₹86,760-86,350, while resistance is at ₹87,610-88,190. Silver has support at ₹87,700-87,050, while resistance is at ₹89,200-89,950.

Renisha Chainani, head of research at Augmont, said the gold active June contract has significant support at $3,000 ( ₹87,000). However, if prices remain below $3,000, they may fall below $2,900 ( ₹84,500).

Chainani added silver has excellent support at $29 (about ₹87,000)and may not remain below this level.

"Every decline below $30 ( ₹89,000) should be viewed as a buying opportunity for targets of $32 ( ₹94,000)," said Chainani.

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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, as market conditions can change rapidly, and circumstances may vary.