Gold rate today: Yellow metal jumps on weak US dollar. US inflation, Fed rate cut in focus

Gold rate today: Following the selling pressure in the US dollar in early morning deals on Tuesday, MCX gold rates bounced back strongly after nosediving on Monday. Gold futures contract on Multi Commodity Exchange (MCX) for April 2025 expiry opened with an upside gap at ₹85,603 per 10 gm and touched an intraday high of ₹85,690 within a few minutes of the Opening Bell. In the international market, the spot gold price is $2,896, while the COMEX gold price is $2,899 per troy ounce.

According to market experts, the gold rate today follows the movement of the US dollar. They said that US dollar rates have witnessed some correction in the early morning session, which has spurred spot gold demand. However, they maintained that gold price today is expected to remain between $2,888 to $2,930 per ounce.

Gold rate today: Important triggers

On why the gold price today is on an uptrend, Anuj Gupta, Head—Commodity & Currency at HDFC Securities, said, “Gold prices came under pressure on Monday after US Fed chairman Jerome Powell unveiled a strong US economic outlook and a dovish stance on the US Fed rate cut. However, US dollar rates are dictating gold price movement across bourses. US dollar index has dipped in the early morning session, which has fueled MCX gold rates in the early morning session.”

On other factors that may dominate gold prices today, Praveen Singh,  Associate VP — Fundamental Currencies and Commodities at Mirae Asset Sharekhan, said, “The US nonfarm payroll report was disappointing; however, it was not as feared. US employers added 151K (forecast 160K) nonfarm jobs in February. Government payrolls rose at the weakest pace in nearly a year as federal payrolls fell the most since June 2022. The unemployment rate increased from 4% in January to 4.1% in March. Average hourly earnings were up 4% y-o-y. Average weekly hours all employees at 34.1 fell short of the estimate of 34.2.”

Praveen Singh said Fed Chair Powell, speaking at Chicago Booth’s 2025 monetary policy forum on March 7, said that the US economy is doing fine despite elevated uncertainties. He added that there is no rush to consider the US Fed rate cut moves.

Gold price outlook

Expecting gold prices to remain on a range, Praveen Singh of Mirae Asset Sharekhan said, “Gold price is expected to trade with a slightly downward bias on stronger Dollar and Powell’s reassuring economic outlook.”

On triggers that may dictate gold prices this week, Manav Modi, Senior Analyst — Commodity Research at Motilal Oswal, said, “Market participants will focus be on US CPI and PPI data, which is scheduled later this week.”

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.