Latest news with #MCXGold
Mint
3 days ago
- Business
- Mint
Gold price today: Rates drop after US court strikes down Trump's tariffs; experts' strategy for MCX Gold
Gold price today: Gold rates dropped significantly in the domestic futures market Thursday morning after a US federal court struck down President Donald Trump's tariffs, denting the yellow metal's safe-haven appeal. The strengthening US dollar also weighed on gold prices. MCX Gold June 5 contracts traded 0.52 per cent lower at ₹ 94779 per 10 grams around 9:05 AM. According to Reuters, "a US trade court on Wednesday blocked the enforcement of Trump's 'Liberation Day' tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States." On April 2, Trump imposed reciprocal tariffs on nearly all of the country's trading partners. However, many of these country-specific tariffs were put on hold just a week later. The US administration has been engaged in trade talks with its allies since then. It has finalised temporary deals with China and has delayed tariffs on the European Union till July 9. Trump's tariffs and concerns over their potential negative impact on inflation and growth trends have been the key drivers of gold prices this year so far. (This is a developing story. Please check back for fresh updates.)
Mint
5 days ago
- Business
- Mint
Gold rates today under pressure after rising 2% last week. Is it a right time to buy gold?
Gold rate today: Gold prices rose slightly in the domestic futures market on Tuesday morning, supported by upbeat global trends and a weaker US dollar. At around 9:10 AM, MCX Gold June 5 contracts were trading 0.08% higher at ₹ 96,018 per 10 grams. On Monday, the MCX Gold June 5 was trading lower 0.73 per cent at ₹ 95,721 per 10 grams. Gold prices have been consolidating recently as fears of a trade war diminish and geopolitical tensions lessen. Nonetheless, concerns about a growing US fiscal deficit following the tax-cut legislation are helping to bolster gold while putting pressure on the US dollar. Gold prices on the MCX climbed 2 per cent last week, driven by a weaker dollar and growing worries about the US debt crisis. 'Gold was steady at the start of the week on the back of US and UK markets being shut, however the metal in the early morning trade has inched lower. European Commission trade chief Maros Sefcovic reported productive discussions with Trump administration officials, with both parties targeting a July 9 deadline for a trade agreement. Trump's decision to delay a proposed 50% tariff on European imports also eased immediate concerns. The combination of persistent geopolitical instability and uneven trade signals continues to underpin gold's longer-term appeal. Focus today will be on US durbale goods orders and consumer confidence data,' said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd. Gold saw profit booking as safe-haven purchasing eased after U.S. President Donald Trump announced he would postpone his intention to put 50% tariffs on imports from the European Union from June to July. Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures, said, 'While upside momentum for bullion remains limited in the short term, ongoing concerns around the U.S. fiscal outlook, uncertainty over tariff negotiations, and geopolitical tensions in the Middle East are expected to support prices. Any further decline may present a strategic opportunity to accumulate gold as part of a diversified portfolio.' However, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, believes that gold is expected to remain volatile with a trading range between ₹ 94,500 and ₹ 96,750. 'Market participants will closely monitor currency movements and global trade developments for further cues,' 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.
Mint
5 days ago
- Business
- Mint
Gold price today: Rates rise on a weak dollar; experts highlight key levels for MCX Gold
Gold price today: Gold rates climbed in the domestic futures market Tuesday morning, tracking positive global cues and a fall in the US dollar. However, subdued demand from the domestic spot market capped the gains. MCX Gold June 5 contracts traded 0.08 per cent higher at ₹ 96,018 per 10 grams around 9:10 AM. International gold prices traded near a two-week high, supported by a weaker dollar and concerns over the US fiscal outlook, reported Reuters. The dollar index declined more than 0.20 per cent, making gold cheaper in overseas currencies, enhancing its demand. Investors' focus is now on upcoming US macroeconomic reports, which will shape expectations about the US Federal Reserve's interest rate trajectory. Gold prices have been consolidating of late as concerns over a trade war subside and geopolitical tensions ease. However, worries that the US fiscal deficit will widen after the tax-cut bill are supporting the yellow metal and weighing on the US dollar. A Reuters report highlighted the Congressional Budget Office estimates, according to which, US President Donald Trump's tax-cut bill could "add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade." Meanwhile, concerns over a trade war between the US and its trading partners have eased substantially. Trump has decided to delay a proposed 50 per cent tariff on imports from the European Union (EU) till July 9. "Trump's move reduced safe-haven buying, while investors remain cautious amid erratic US trade policies and ongoing global tensions," Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services, pointed out. Modi said persisting geopolitical instability and uneven trade signals continue to underpin gold's longer-term appeal. "Germany's approval for Ukraine to strike inside Russian territory has escalated geopolitical risks. Adding to market jitters, Russia launched its third consecutive night of aerial attacks on Ukraine following the largest air assault of the conflict. Meanwhile, China's net gold imports via Hong Kong surged in April, more than doubling from March and hitting the highest level since March 2024," Modi noted. (This is a developing story. Please check back for fresh updates.)
Time of India
22-05-2025
- Business
- Time of India
Gold & silver price prediction today: What's the gold rate outlook for May 22, 2025 & is it headed for Rs 98,000 - should you buy or sell?
Gold price prediction: What is the outlook for gold and silver today and for the next few days? (AI image) Gold and silver price prediction: MCX Gold and MCX Silver have been volatile in the last few days with geopolitical events and Donald Trump's tariff related developments weighing on investor sentiment. While gold is traditionally a safe haven asset, it has fallen from its peak in the last few sessions. What is the outlook for gold and silver today and for the next few days? What are the target levels investors should look at? Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group shares his views: MCX Gold Outlook MCX Gold has shown a bullish breakout from the lower end of its support zone, indicating a shift in sentiment and the potential for upward momentum. This breakout suggests that the recent downside pressure has likely been absorbed, and the bulls are regaining control. The key resistance is placed at the 95,700 level, and a decisive move above this mark will likely trigger further upside, pushing prices toward the 98,000 level in the near term. On the daily chart, the Relative Strength Index (RSI) has reversed direction from the neutral 50 level and is now trending upward toward the overbought zone. This shift in RSI reflects strengthening momentum and supports the bullish outlook for prices. From a technical standpoint, the trend appears constructive, and as long as prices sustain above the support zone of 94,100, the bias remains positive. The formation of higher lows, along with improving momentum indicators, reinforces the possibility of continued gains. In conclusion, MCX Gold is well-positioned for further upside. With support at 94,100 and resistance at 95,700 expected to be breached, the next potential target lies at 98,000. Traders may consider a bullish stance as long as the price holds above key support levels. CMP: Rs 95,500Target: Rs 98,000SL: Rs 94,100 MCX Silver Outlook The daily chart analysis indicates that MCX Silver prices have successfully broken above the consolidation range of 97,500–94,000, signalling a bullish breakout and opening positive potential. With this breakout, there is a possibility for silver prices to extend their upward movement and test the previous swing high at the 1,02,000 level. The Relative Strength Index (RSI), which was previously hovering around the neutral zone (50), has begun to rise, suggesting increasing bullish momentum. The RSI is on its way toward the overbought zone (70), indicating that there is sufficient room for further price appreciation in the near term. Based on Fibonacci analysis, the 61.8% projection from the range of 86,260 to 98,800, coupled with the support zone at 93,700, suggests a potential target for silver prices around the 101,800 level. Given the current market conditions, we are optimistic about Silver's short-term prospects. Prices are expected to move towards 101,800 with stop loss at the 95,600 level. At the current market price (CMP) of 97,750, the outlook remains positive, and a rally could materialize as the price continues its upward momentum post-consolidation. CMP: Rs 97,750Target 10,18,00SL: Rs 95,600 Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
20-05-2025
- Business
- News18
Gold Price Today: Yellow Metal Weakens By Rs 450, Check City-Wise Rates On May 20
Last Updated: Gold Price Today In India, May 20: Check the latest gold prices in major metro cities like Chennai, Mumbai, Delhi. Gold Price Today In India, May 20: Gold prices on Tuesday fell substantially after rebounding slightly on Monday. In Mumbai, the price of gold stood at Rs 87,100 per 10 grams for 22-carat and Rs 95,020 per 10 grams for 24-carat. However, the price of silver fell by Rs 1000 to trade at Rs 97,000 per kg in Mumbai. On the MCX, gold was trading higher by 0.19 per cent to trade at Rs 93,117 per 10 grams and silver was down by 0.26 per cent to trade at Rs 95,250 per kg. Analyst indicates that MCX gold is making a double top pattern on the daily chart, with a bearish momentum pointing at a trend reversal. One can consider selling MCX Gold near 93,800 for a target of 91,650. Any close above 95,600 will warrant a review of the current outlook, according to research desk of Way2Wealth. Known for its unmatched purity, 24-carat gold continues to attract buyers seeking premium quality. Meanwhile, 22-carat gold, prized for its durability and timeless charm, remains a favourite among jewellery enthusiasts and investors alike, striking a balance between elegance and practicality.
