Gold rates today ₹2800 away from record high. Is this the right time to buy gold?

Gold rate today: Following the economic uncertainty buzz after the steady US Fed rates, gold prices witnessed strong buying last week. After losing for two successive weeks, MCX gold rates surged over 4%, whereas spot gold prices surged 2.65% last week. According to market experts, this disparity is primarily attributed to the Indian National Rupee's (INR's) depreciation of over 1%, amplified the gold price rally in the domestic market. MCX gold rates finished at ₹ 96,535 per 10 gm on Friday, logging a weekly gain of ₹ 3,835 per 10 gm against the previous week's close of ₹ 92,700. While finishing at ₹ 96,535 levels, MCX gold rate today is around ₹ 2800 away from the record high of ₹ 99,358 per 10 gm.
Highlighting the reasons that are fueling gold rates today, Sugandha Sachdeva, Founder of SS WealthStreet said, "The US Fed's decision to maintain interest rates at 4.5% at its recent policy meeting reflects ongoing economic uncertainties, owing to the impact of tariffs on the US economy, which boosted gold's appeal as a safe-haven asset. Similarly, the Bank of England's rate cut of 25bps to 4.25% has further supported gold prices."
Pointing towards the persisting safe-haven demand for gold, Sugandha Sachdeva of SS WealthStreet said, "Apart from these key policy meetings during the week, overall tariff uncertainty still looms as the US announced tariffs on foreign-produced movies and threatened to impose tariffs on the pharma sector, heightening market volatility and increasing demand for gold. Additionally, rising India-Pakistan tensions contributed to gold's safe-haven demand, particularly in the domestic market. Any major depreciation in the Indian rupee due to these escalating geopolitical risks could lead to additional gains in the domestic markets."
Pointing towards appreciation in the Indian rupee after dip in the US dollar rates, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, "The US dollar index edged lower to around 100 on Friday, after two straight sessions of gains, as traders looked ahead to US-China trade talks scheduled for the weekend. President Trump expressed optimism and expects the negotiations to yield tangible progress. Meanwhile, the newly announced US-UK trade deal provided some relief to investors hoping for a de-escalation in global trade tensions."
Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, said, "Gold price today is oscillating between ₹ 95,750 and ₹ 96,750 on the MCX, largely influenced by sharp movements in the Indian rupee. On the global front, Comex gold price eased as market sentiment turned optimistic following trade-related announcements between the US and Europe, along with the possibility of renewed trade talks between the US and China."
On triggers that may dominate gold rates in the near-term, Jigar Trivedi of Reliance Securities said, "Market attention will continue on US trade negotiations, followed by key data including the inflation rate, retail sales, and speeches from Federal Reserve officials, notably Chairman Jerome Powell."
"Upcoming US-China trade talks scheduled for the weekend introduce uncertainty. A positive outcome may ease market fears, potentially capping gold's gains. At the same time, if talks collapse, that could trigger a rally in gold prices," said Sugandha, adding, "For the next week, upcoming US economic data like US CPI, PPI, and Eurozone GDP could impact global market sentiment and also provide cues for the precious metal."
Speaking on the gold price outlook in the near term, Sugandha Sachdeva said, "Apart from these key policy meetings during the week, overall tariff uncertainty still looms as the US announced tariffs on foreign-produced movies and threatened to impose tariffs on the pharma sector, heightening market volatility and increasing demand for gold. Additionally, rising India-Pakistan tensions contributed to gold's safe-haven demand, particularly in the domestic market. Any major depreciation in the Indian rupee due to these escalating geopolitical risks could lead to additional gains in the domestic markets."
Expecting volatility in gold prices, Jateen Trivedi of LKP Securities said, "While trade optimism is exerting pressure on gold, ongoing border tensions and shifting geopolitical narratives continue to lend support. In the near term, gold price will likely remain range-bound between ₹ 94,500 and ₹ 97,500, with heightened volatility expected as risk sentiment continues to fluctuate."
Sharing the essential pivots regarding MCX gold rates today, Sugandha Sachdeva of SS WealthStreet said, 'Technical set-up indicates that gold prices are taking support at the ₹ 94,500 and ₹ 92,000 per 10 gm level, while key hurdle for gold is seen at the ₹ 97,500 per 10 gm mark. A breach of the same shall take the prices to ₹ 98,780 per 10 gm mark and could even test previous record high levels of ₹ 99,358 per 10 gm. On the international front, gold prices are finding strong support at the $3,280 per ounce mark. If prices continue to trade above this level, we may see the precious metal reach the $3,380 to $3,420 levels.'
According to the information available on the India Bullions Association (IBA), here is the list of gold rates today in Delhi, Mumbai, and other Indian metro cities:
Gold rates in Delhi — ₹ 96,540/10 gm;
Gold rates in Mumbai — ₹ 96,710/10 gm;
Gold rates in Bengaluru — ₹ 96,780/10 gm;
Gold rates in Chennai — ₹ 96,990/10 gm; and
Gold rates in Kolkata — ₹ 96,580/10 gm.

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