New Delhi – The gold rate in India reached a historic high on Monday, with prices hitting Rs 96,875 per 10 grams on the Multi Commodity Exchange (MCX). This surge in the gold rate today reflects growing global concerns, especially fears surrounding a potential trade war and a weakening US dollar, which have led investors to seek refuge in the yellow metal.
As of 12:30 PM, the MCX Gold June 5 contract was up by 1.65%, trading at Rs 96,875 per 10 grams.
Spot Gold Prices in India Today(gold rate today)
According to the India Bullion and Jewellers Association (IBJA):
- 999 purity (fine gold): Rs 9,659 per gram
- 22-carat gold: Rs 9,427 per gram
- 20-carat gold: Rs 8,596 per gram
- 18-carat gold: Rs 7,824 per gram
This rally in the gold rate in India mirrors the international market, where spot gold surged to an all-time high of $3,397 per ounce. The weakening of the US dollar has significantly contributed to this rise, as a softer dollar makes gold more attractive to foreign investors, further boosting its global demand.
🌍 Global Factors Driving Gold Prices
The gold rate of today is being influenced by:
- Heightened US-China trade tensions
- A falling US dollar index, which recently hit a three-year low
- Increasing demand from exchange-traded funds (ETFs)
- Rising US bond yields
“Gold prices continued their positive momentum and briefly surpassed the $3,400 per ounce mark. The combination of trade uncertainty, weak dollar, and festive demand in India is keeping bullion prices buoyant,” said Pranav Mer, analyst at JM Financial Services Limited.
What to Expect Next
In the previous session, gold had slightly dropped due to profit booking, falling by 0.44% to Rs 95,239 per 10 grams. However, fears of a prolonged trade conflict have sparked renewed buying interest at lower price points.
On the technical front, Mer added:
- Support levels: Rs 95,550 and Rs 94,200
- Resistance levels: Rs 97,580 and Rs 98,200
Traders are also watching closely as negotiations continue between the US and its major economic partners including Japan, the Eurozone, and China — talks that could impact the gold rate in USA and globally.
also see this