Gold Price Today opened higher on the Multi Commodity Exchange (MCX), bouncing back after a sharp fall in the previous session. On Wednesday morning, MCX gold prices climbed 0.29% to touch ₹97,311 per 10 grams. The rebound was largely supported by a weakening US dollar and easing Treasury yields, making the yellow metal more appealing for international investors.
At 9:10 AM, Gold Price Today was trading up by ₹277 at ₹97,300 per 10 grams. MCX silver also showed similar upward momentum, rising by ₹299 to reach ₹1,06,341 per kilogram. The renewed optimism comes after Gold Price Today had crashed by 2.41% (₹2,394) in the previous session, falling below ₹97,000.
Weak Dollar and Treasury Yields Lift Gold Prices
The global strength in gold was primarily driven by a drop in the US dollar index, which hovered near a one-week low. This made the precious metal more attractive to holders of other currencies. Additionally, the benchmark 10-year US Treasury yields continued to linger near a one-month low, further boosting the appeal of non-yielding assets like gold.
In global markets, spot gold rose by 0.2% to $3,328.89 per ounce. US gold futures followed suit, gaining 0.3% to reach $3,343.00. Spot silver was steady at $35.90 per ounce. The weakening of the dollar often acts as a catalyst for gold prices, and this trend was evident in the movement of Gold Price Today.
Israel-Iran Ceasefire Reduces Safe-Haven Demand
Another key geopolitical factor influencing Gold Price Today was the fragile ceasefire announced between Israel and Iran. After weeks of air strikes and rising tensions, Tuesday’s truce eased concerns of an all-out war in the Middle East. While gold is typically seen as a safe-haven asset during times of geopolitical stress, a reduction in tensions has limited further upside in prices.
However, the overall bullish sentiment was preserved thanks to other supportive economic cues, particularly from the United States.
Federal Reserve Signals Rate Cuts
US Federal Reserve Chair Jerome Powell indicated during his Congressional testimony that rising tariffs could push inflation higher this summer. This period will be crucial for the Fed’s decision on potential rate cuts. Market analysts believe the central bank could start easing policy as early as September.
Fed funds futures now show traders are pricing in up to 60 basis points of cuts in 2025. This dovish outlook has helped underpin Gold Price Today, as lower interest rates reduce the opportunity cost of holding gold.
MCX Gold and Silver Technical Outlook
According to Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd., the following levels are key for traders watching Gold Price Today:
- MCX Gold Support Levels: ₹96,450 – ₹95,910
- MCX Gold Resistance Levels: ₹97,650 – ₹98,100
- MCX Silver Support Levels: ₹1,04,280 – ₹1,03,600
- MCX Silver Resistance Levels: ₹1,05,850 – ₹1,06,500
In global markets:
- Gold Support: $3,300 – $3,277
- Gold Resistance: $3,348 – $3,365
- Silver Support: $35.50 – $35.20
- Silver Resistance: $36.30 – $36.55
Traders are advised to monitor these levels closely as Gold Price Today continues to react to both technical and macroeconomic factors.
What’s Driving Gold Price Today?
Several overlapping triggers are supporting Gold Price Today:
- Weak Dollar Index: Attracts foreign investors to gold.
- Low US Treasury Yields: Encourages shift from bonds to gold.
- Geopolitical Stability: The Israel-Iran ceasefire reduces safe-haven buying but stabilizes prices.
- Fed Rate Cut Expectations: Stimulates interest in non-yielding assets like gold.
- Investor Sentiment: Investors are watching global cues to determine next steps.
Despite the short-term decline on Tuesday, Gold Price Today has quickly regained footing, proving that the market remains optimistic over the longer-term value of gold as a store of wealth.
While tensions in the Middle East have eased, and the Fed’s future actions are still uncertain, the overall backdrop remains supportive for Gold Price Today. A weaker dollar, declining yields, and rate cut hopes continue to provide strong undercurrents for bullish momentum.
Investors looking at entry points or existing positions should keep an eye on the ₹96,450–₹98,100 band for MCX gold, and $3,300–$3,365 for spot gold globally. Given the current trajectory, Gold Price Today may remain volatile but is likely to trend upward as economic and geopolitical conditions evolve.
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