Gold rate today: After delivering a whopping 75% return to its investors in 2025, the continued its bull run in 2026 as well. The MCX gold rate ended around ₹1,37,700 per 10 gm on 31 December 2025, and the precious yellow metal topped out at ₹1,80,779 per 10 gm on 29 January 2026, delivering over 30% in less than one month.
However, with some dead-cat bounce post-top, the gold rates in India and in the international market have been nosediving continuously. The on MCX is oscillating around ₹1,56,750, about ₹24,000 away from its record high of ₹1,87,779.
According to experts, the is range-bound amid a rising US Dollar (USD) and soaring crude oil prices. They said that Brent Crude Oil price was around $65/barrel when the US and Israel military attacked Iran, which is now around $100. However, the US-Iran war entered its third week last Saturday, and still, there is no sign of de-escalation. They said that rising crude oil prices strengthened the US Dollar, which served as a brake on the gold price rise. However, oil prices are stable at $100 per barrel, and the US dollar has started erasing its recent gains, which is a good sign for the precious metal rally.
Gold price today: Crude oil in focus
Highlighting the factors driving gold prices today, Anuj Gupta, a SEBI-registered market expert, said that gold prices are following crude oil prices and the US Dollar. The SEBI-registered expert said gold prices declined on March 16, 2026 due to the rise in the US dollar rates and stable crude oil prices. He said the US-Iran war may fuel safe-haven demand for the precious metal, as Middle East tensions are expected to continue.
Outlook for gold rate today
On the outlook of the MCX gold rate today, Ponmudi R, CEO at Enrich Money, said the MCX gold rate today is hovering around the ₹1,56,500 to ₹1,57,500 range, indicating a phase of consolidation or mild profit booking.
“Strong demand is seen in the ₹1,55,000 to ₹1,56,000 zone, which continues to act as a key support base. As long as prices sustain above this region, the medium-term bullish outlook remains intact. A decisive breakout above ₹1,59,000 could revive upward momentum toward ₹1,63,000 to ₹1,65,000, the Enrich Money CEO said.
The Enrich Money expert maintained that as long as the COMEX gold rate holds above $5,000/oz, the broader bullish structure remains intact. A sustained breakout above $5,100–$5,150 is required to resume upward momentum toward $5,200–$5,250 per ounce.
What Nifty-gold ratio reflects?
Amid a bull trend for the second straight session, the Nifty 50 index is currently around 23,600, while the MCX gold rate is around ₹15,675 per gm. This means the Nifty-gold ratio is currently at 1.50 (23,600/15,675).
On what this Nifty-gold ratio signals today, Amit Goel, Chief Global Strategist at PACE 360, said, “The pivot in the Nifty-gold ratio is 2.50. If the ratio moves above 2.50, then the chances of gold outshining equity are higher, while in the case of the Nifty-gold ratio coming below 2.50, there is a high probability of equity outshining gold.”
The PACE 360 expert said the Indian stock market has been under sell-off pressure after the outbreak of the US-Iran war. This has dragged the Nifty-gold ratio towards 1.50, which looks ideal for investing in stocks ahead of gold, as it would deliver higher returns. He suggested buying the Nifty 50 ETF as it may deliver 5% to 8% by the end of April 2026.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.