Gold Rate Today: Gold dip to Rs 96,900/10g amid US-China trade talk hopes; Fed policy in focus

Gold prices edged lower on Wednesday as renewed optimism over potential U.S.-China trade talks dented safe-haven demand. Traders are also closely watching the U.S. Federal Reserve’s policy decision expected later in the day.

At 10:01 am, June gold futures on the MCX were trading at Rs 96,927 per 10 grams, down Rs 564 from the previous close. June silver futures also slipped slightly, trading at Rs 96,690 per kg, down by Rs 11.

In global markets, Spot gold was down 1.2% at $3,388.67 an ounce as of 0225 GMT. The metal had risen nearly 3% in the previous session.

U.S. Treasury Secretary Scott Bessent and trade negotiator Jamieson Greer will meet Chinese Vice Premier He Lifeng to explore possible resolutions, raising hopes of easing trade tensions. Both nations had imposed tit-for-tat tariffs last month, escalating concerns of a global slowdown.

On Tuesday, U.S. President Donald Trump said he and top administration officials will review potential trade deals over the next two weeks to decide which ones to accept.

The market’s focus will be on the Federal Open Market Committee (FOMC) meeting later in the day, where the U.S. central bank is expected to hold interest rates steady.The FOMC will remain vague to keep as much flexibility as possible as it tries to discern what this trade war will mean for growth and inflation, Spivak added.Traders are expecting 80 basis points of rate cuts this year, starting in July.

Fed Chair Jerome Powell’s remarks are also awaited for clues into the potential timing of future rate reductions.

“Gold prices dipped below $3,380/oz following reports of upcoming U.S.-China trade talks, which eased safe-haven demand. The U.S. dollar index also firmed above 99.5, ahead of the Federal Reserve’s policy announcement, limiting gold upside. Investors are watching Fed Chair Powell’s statement closely for rate clues amid political pressure to loosen monetary policy, which may shape gold’s near-term trend,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest rate environment.

Spot silver eased 0.9% to $32.93 an ounce, platinum fell 0.6% to $979.07 and palladium lost 0.4% to $970.28.

“Gold has support at $3335-3310 while resistance at $3400-3422. Silver has support at $32.65-32.40 while resistance is at $33.30-33.55. In INR gold has support at Rs 96,650-95,980 while resistance at Rs 97,950-98,390. Sliver has support at Rs 95,580-94,750 while resistance at Rs 97,350-97,950,” said Kalantri.

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,896/8 grams while pure gold (24 carat) prices stand at Rs 61,768/8 grams.

Standard gold (22 carat) prices in Mumbai stand at Rs 57,264/8 grams while pure gold (24 carat) prices stand at Rs 61,104/8 grams.

Standard gold (22 carat) prices in Chennai stand at Rs 56,888/8 grams while pure gold (24 carat) prices stand at Rs 60,600/8 grams.

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,640/8 grams.

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