Gold rate today: Following the skyrocketing crude oil prices and renewed fears of inflation, the COMEX gold rate today opened weak and touched an intraday low of $4,447.50 per ounce, recording over 2% dip during the early morning deals on Monday. However, the precious yellow metal witnessed value buying, and gold prices in the international market regained the psychological $ 4,500-per-ounce mark.
Following global cues, the gold rate in India today is also under pressure. The MCX gold rate today opened with a downside gap at ₹1,44,100 per 10 gm and touched the intraday low on Monday. The yellow metal witnessed value buying at the lower levels and regained some lost strength and came around ₹1,43,775 p[er 10 gm, around ₹500 below Friday’s close of ₹1,44,282.
According to a Bloomberg report, opportunistic buyers are beginning to step in following the gold market’s sharpest selloff in years, though worries persist that a prolonged conflict could prompt central banks to offload their holdings or raise interest rates to curb inflation.
Why is the gold rate today under pressure?
Sharing her outlook for gold rate today in India, Sugandha Sachdeva, Founder of SS WealthStreet, said, “On the domestic front, the gold prices are likely to find support near the ₹1,35,000 to ₹1,33,500 zone, with a strong resistance zone seen around ₹1,57,600. A sustained break beyond this range will be required to establish a clear directional trend.”
The SS WealthStreet expert said the weakness in gold can be attributed to a combination of macro and cross-asset pressures. Persistent geopolitical tensions in the West Asia region have paradoxically weighed on bullion, as investors have preferred to raise cash and liquidate gold holdings to offset losses in risk assets. At the same time, elevated US Treasury yields have reduced the relative appeal of non-yielding assets like gold, further capping upside momentum.
On the outlook of the gold price today, Ponmudi R, CEO of Enrich Money, said that the broader structure still reflects underlying weakness, with geopolitical tensions offering only intermittent safe-haven support and limiting sustained upside.
“A sustained move above $4,600 could extend the rally toward $4,680–$4,750, with further upside potential toward $4,850, where stronger supply is expected. On the downside, a break below $4,300 may accelerate weakness toward the $4,100–$4,150 zone,” the Enrich Money CEO said.
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.