Gold rate today: MCX gold rate jumps on rising safe-haven demand, weak US dollar

Gold rate today: Following the rise in demand for safe-haven and weakness in the US dollar, gold prices in the international and domestic markets continued their uptrend for yet another session. MCX gold rate opened higher on Tuesday at ₹85,200 per 10 gm and touched an intraday high of ₹85,420 within a few minutes of the Opening Bell.

Triggers for gold price today

For reasons supporting gold prices today, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said, “Gold prices are rising from increased safe-haven demand amid rising trade tensions, particularly after President Trump announced reciprocal tariffs on countries imposing taxes on US imports, fueling inflation concerns. Additionally, the weak US dollar, retail sales data and growing expectations of a Fed rate cut further supported gold’s appeal. The ongoing uncertainty surrounding trade and inflation will likely continue to bolster bullion prices in the near term.”

Expecting the uptrend to continue in MCX gold rates, Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said, “Gold prices are primarily dictated by Donald Trump’s protectionist policy, which is expected to persist. So, any dip in gold prices in the near term should be seen as a buying opportunity.”

Gold price outlook for 2025

Anuj Gupta of HDFC Securities said the UBS has updated its gold prices forecast, projecting that the yellow metal could reach over $3,200 before stabilizing at elevated levels in the coming years. The move represents an increase from their previous peak prediction, with UBS citing several factors for the more optimistic outlook.”

The HDFC Securities expert said that UBS has given this target, which is expected to be reached by the end of 2025. This means that the spot gold price may touch $3,200 per ounce by the end of 2025.

“Taking cue from the UBS update, we can expect MCX gold rate to touch ₹90,000 per 10 gm by end of 2025,” said Anuj Gupta of HDFC Securities.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.