MCX Gold rate continues to trade higher. Is it the right time to buy gold or book profit?
On the Multi Commodity Exchange (MCX), gold futures for October delivery rose ₹ 236 or 0.23 per cent, reaching ₹ 1,01,102 per 10 grams, with a trading volume of 15,059 lots.
However, on the global front, spot gold slipped 0.1 per cent to $3,376.69 per ounce, following a near two-week high reached on Tuesday. Meanwhile, U.S. gold futures also edged down 0.1 per cent to $3,432.40.
Trump once again warned of imposing higher tariffs on Indian goods due to its continued purchases of Russian oil. In response, New Delhi dismissed his remarks as "unjustified" and asserted it would safeguard its economic interests, further intensifying the trade tensions between the two nations.
' Gold prices extended gains for a fifth straight session, helped by prospects of lower U.S. interest rates, while investors looked forward to President Trump's decision on Federal Reserve appointments. President Trump said he would announce decisions soon on a short-term replacement for Federal Reserve Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair,' said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services Ltd.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, Gold traded weak by ₹ 400 at ₹ 1,00,780 as Comex gold faced resistance near the $3370–$3375 zone, while the rupee holding firm around 87.80 added slight pressure to domestic prices.
' Market participants are watching Manufacturing PMI numbers, but the primary focus remains on trade tariff developments, with the U.S. looking to recalibrate tariffs in its favor. Despite the short-term dip, gold continues to price in the broader impact of trade tariff uncertainty and dollar weakness, keeping the overall trend supported. Gold is expected to trade in a volatile range of ₹ 99,000– ₹ 1,01,500,' Trivedi said.
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.
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