Gold Rate Today: Gold slips to Rs 96,980/10g as Fed flags economic uncertainty; silver jumps Rs 480 per kg

Gold prices in India edged lower on Thursday even as global rates climbed after the U.S. Federal Reserve flagged rising inflation and labour market risks. Domestic investors remained cautious ahead of the U.S.-China trade talks scheduled for this weekend.

At 10:01 am, June gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 96,981 per 10 grams, down Rs 109 from the previous close. In contrast, July silver futures rose sharply by Rs 479 to Rs 96,212 per kg.

In global markets, however, gold saw strong gains. Spot gold rose 1.4% to $3,409.76 an ounce, while U.S. gold futures gained 0.7% to $3,416.70 as of 0223 GMT. The gains came after the Federal Reserve kept interest rates steady but warned that risks of higher inflation and unemployment had increased, clouding the U.S. economic outlook.

Fed Chair Jerome Powell said it was uncertain whether the U.S. economy would maintain its momentum or slow due to rising inflation and geopolitical tensions. Traders now expect 77 basis points of rate cuts this year, starting in September.

Gold, a traditional hedge against economic and political risks, tends to perform well in low-interest-rate environments.

“Gold regained some ground amid renewed caution surrounding the US-China trade negotiations, which reinforced its status as a safe-haven asset. MCX Gold prices opened higher by more than 100 points. The overall trend looks bullish for prices as it is trading above the 9 EMA on the daily chart. Investors will be watching for jobless claims data that is set to be released this evening,” said Deveya Gaglani, Senior Research Analyst- Commodities, Axis Securities.Meanwhile, U.S. and Chinese officials are expected to meet in Switzerland this weekend for trade talks. On Wednesday, Donald Trump said China had initiated the meeting and reiterated his unwillingness to lower import tariffs to bring Beijing to the table.Among other precious metals, spot silver rose 1.1% to $32.82 an ounce, platinum gained 0.8% to $982.05, and palladium held steady at $971.95.

“Technically, gold has support at $3370-3345 while resistance is at $3422-3440. Silver has support at $32.50-32.20 while resistance is at $33.05-33.25. In INR terms, gold has support at Rs 96,650-95,980 while resistance is at Rs 97,950-98,390. Silver has support at Rs 94,880-94,150 while resistance is at Rs 96,950-97,880,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 58,464/8 grams while pure gold (24 carat) prices stand at Rs 62,352/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,888/8 grams while pure gold (24 carat) prices stand at Rs 61,744/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 57,048/8 grams while pure gold (24 carat) prices stand at Rs 60,768/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,856/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.

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