Gold rates today on an uptrend as Donald Trump’s tariff uncertainty boosts safe-haven appeal. Is it opportune to buy?

Gold rate today: Following the rise in the safe-have demand after Donald Trump vows to implement a tariff on trade partners, gold prices extended their uptrend for another Tuesday session. MCX gold rate opened upside at ₹85,399 per 10 gm and touched an intraday high of ₹85,518 within a few minutes of the Opening Bell.

Spot gold price traded near $2,891 an ounce — following a 1.2% increase on Monday—as US President Donald Trump said Mexico and Canada couldn’t negotiate a reprieve from tariffs set to take effect Tuesday and then signed an order doubling levies on China to 20%. Geopolitical events were also in the spotlight after a senior defence official said the US paused all military aid to Ukraine.

Russia-Ukraine war in focus

On reasons that are fueling gold rates today, Jateen Trivedi, VP of Research — Commodity and Currency at LKP Securities, said, "Gold price remained positive with a gain of ₹36 at ₹85,420 after last week's 1.60% profit booking. The fresh upside comes as global uncertainty persists, with tensions between US and Ukraine leaders over deal negotiations. Ongoing tariff concerns and dollar volatility support gold as a safe haven. However, positive developments in Russia-Ukraine relations or global trade tariffs could pressure prices. On the economic front, key US data, including ADP Nonfarm Employment, Nonfarm Payrolls, and Unemployment figures, will be crucial market drivers. The expected gold range is ₹83,800 to 
₹85,700."

Is it time to buy gold?

After reaching a record high of just over $2,950 an ounce on Feb. 24, gold had its first weekly decline of 2025 at the end of February, mainly driven by profit-taking. Last month, Goldman Sachs Group Inc. analysts said elevated policy uncertainty — including tariff fears — could help push gold prices as high as $3,300 an ounce by year-end.

“Gold price pattern suggests that yellow metal has formed a key hurdle at ₹86580 per 10 gm or $2956 per ounce mark zone. However, the MCX gold rate today has crucial support at ₹83,800 per 10 gm or $2830 per ounce mark. Any dip in the precious metal prices should be seen as buying opportunity by gold investors,” said Anuj Gupta, Vice President — Commodity & Currency at HDFC Securities.

(With inputs from Bloomberg)

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