Today’s gold price: Profit booking and a stronger dollar caused gold prices to drop on Wednesday in the domestic futures market.This is in spite of the fact that US President Trump’s tariff proposals,which still favor the yellow metal,are still unclear.
Today’s gold price: Despite the fact that uncertainty surrounding US President Donald Trump’s tariff proposals continued to be a major support for the yellow metal,gold rates fell in the domestic futures market Wednesday morning as a result of profit booking amid a stronger dollar. Around 9:20 AM,MCX Gold April 4 contracts were down 0.03 percent at ₹87,525 per 10 grams.
Following a decline in the previous day due to poor March consumer confidence data,the dollar index bounced back.
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The Conference Board’s consumer confidence index fell 7.2 points to 92.9 this month,the lowest since January 2021,according to Reuters. The future expectations metric is much below 80 and at its lowest level in 12 years. This indicates that American consumers expect a recession.
Additionally, gold prices were impacted by encouraging geopolitical front indications.
“The United States on Tuesday reached deals with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow,” according to Reuters.
When the economy and geopolitics are unclear, gold prices often rise.
The retaliatory tariff actions taken by US President Donald Trump have investors’ attention. According to market analysts, reciprocal tariffs will hinder economic growth and increase inflation.
Expectations regarding the Fed’s interest rate trajectory will also be influenced by Friday’s Personal Consumption Expenditures (PEC) data, the US Fed’s preferred inflation print.
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