Gold rate today: Gold prices jumped on Tuesday, driven by heightened safe-haven demand following the U.S. President Donald Trump’s tariff announcements, whilst traders awaited signals from the forthcoming Federal Reserve policy meeting.
At 10:05 am, MCX June gold futures were valued at Rs 95,950 per 10 grams, showing an increase of Rs 1,301 from the previous close. Simultaneously, June silver futures reached Rs 96,650 per kg, advancing by Rs 2,125.
In international markets, Spot gold increased by 1.4% to $3,380.92 an ounce at 0224 GMT, reaching its peak since April 22 earlier in the trading session, according to an ET report.
“Gold has support at $3335-3310 while resistance at $3382-3398. Silver has support at $32.65-32.40 while resistance is at $33.30-33.55. In INR gold has support at Rs 94,350-93,980 while resistance at Rs 95,350-95,790. Sliver has support at Rs 93,380-92,550 while resistance at Rs 95,350-95,950,” said Rahul Kalantri, VP Commodities, Mehta Equities.
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On Sunday, Trump declared a 100% tariff on internationally produced films, although specific implementation details were not provided.
The following day, he indicated plans to introduce pharmaceutical tariffs within a fortnight.
This week’s focus centres on the Fed’s interest rate verdict and Fed Chair Jerome Powell’s Wednesday statements, which may indicate the U.S. central bank’s future rate direction. Since December, the Fed has maintained its policy rate between 4.25%-4.50%.
According to Reuters, the Federal Reserve is expected to maintain current interest rates. However, this meeting could be the final one with such predictable outcomes, as Trump’s tariff policies introduce uncertainty into the economic forecast.
In the metals market, spot silver increased by 1.5% reaching $32.99 per ounce, whilst platinum saw a 1.3% rise to $971.24, and palladium showed a 0.5% gain to $945.75.
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