Gold price today: Rates climb ahead of US inflation data; experts highlight key levels for MCX Gold
Gold price today: Gold rates climbed in the domestic futures market Wednesday morning as uncertainty over the US-China trade deal persisted. MCX Gold August 5 contracts traded 0.35 per cent higher at ₹ 97,240 per 10 grams around 9:25 AM.
Reuters reported, quoting US Commerce Secretary Howard Lutnick, saying on Tuesday that the "US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China's export restrictions on rare earth minerals and magnets."
Lutnick said the US team will show the plan to President Donald Trump for approval before putting it into action. The Chinese team will do the same by getting approval from President Xi Jinping, Reuters reported.
While both countries have reached a preliminary agreement on a framework to ease trade tensions, there was uncertainty surrounding the final shape of the deal, which supported safe-haven demand.
Investors' focus now is on the US consumer price index (CPI) prints, due today, to get cues about the US Federal Reserve's interest rate trajectory.
Even though the US economy is showing signs of slowdown, experts believe the US Fed may not cut rates for the next few months due to prevailing risks of inflation amid a trade war.
Meanwhile, the World Bank on Tuesday trimmed the world growth forecast by 0.4 percentage points to 2.3 per cent for 2025.
The World Bank said on Tuesday that the global economy faces significant headwinds from escalating trade tensions and policy uncertainty, leading to a downgrade in prospects across most nations. It expects the Indian economy to grow slightly faster at 6.5 per cent in FY27 and 6.7 per cent in FY28.
(This is a developing story. Please check back for fresh updates.)
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