After Donald Trump paused tariffs, the MCX gold rate fell from its peak. US currency falls from its peak of two years
Today’s gold price: After the US dollar fell from its two-year high, the MCX gold rate saw some selling pressure in early morning transactions.
Gold rate today: The price of gold in India and the international market saw some selling pressure in early morning dealings after US President Donald Trump halted the 25% tariff on Mexico and Canada for one month, easing the potential trade war. Within minutes of the Opening Bell, the MCX gold rate fell to an intraday low of ₹83,125 per 10 gm after opening flat today. While the price of COMEX gold maintains at $2,850 per troy ounce, the price of spot gold on the global market fluctuates around $2,819 per ounce.
Gold prices are under pressure after reaching a fresh high in India and the global market, according to analysts in the commodity market. The 25% tariff, which was supposed to take effect on February 1, 2025, has been put on hold by Donald Trump. This has caused the US currency to fall from its two-year high and lessen the possibility of a trade war.
Trump’s tariff freeze
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, responded to a question on why gold prices were lower today by saying, “The gold price today is under pressure due to the ease in trade war fear after the US President Donald Trump decision to pause 25% proposed tariff on Mexico and Canada.”
Yeap Jun Rong, an expert in IG markets, thinks that the price of gold will only decline little. He said, “In the current highly dynamic environment, where market volatility and policy flip-flops are likely to dominate, gold prices may continue to stay supported.”
Important levels and the forecast for today’s gold price
“The safe-haven demand for gold is still intact as ease in trade war fear is temporary,” stated Anuj Gupta of HDFC Securities, who gave a trade strategy to his customers.
The MCX gold pricing is currently between 82,200 and 84,000 per 10 grammes. Any drop in the lower range should be seen as an opportunity to purchase. On the international market, an ounce of spot gold might cost anywhere from $2,780 to $2,840.
Colin Shah, MD of Kama Jewelery, expects gold prices to move in lockstep with the US dollar for some time. Gold prices are expected to follow the US dollar index for some time. We believe that Trump’s tariff stance will draw attention to the price of gold in 2025. Despite hitting a two-year high last week, he said, US dollar rates have since slowed down in response to Donald Trump’s tariff postponement.
The price of gold in New Delhi hit a new high of ₹85,300 per 10 grammes on Monday. According to the All India Sarafa Association, Monday’s spike in gold prices was due to the ongoing demand from jewellers and stockists.