Gold price today: Rates jump on global uncertainty, stock market rout; investors unveil trading strategy for MCX Gold | Stock Market News
Source: Live Mint
Gold price today: Gold rates traded higher in the domestic futures market on Monday, supported by heightened fears over the impact of the global trade war. Deep losses in the stock market also made investors rush to the safe-haven asset. MCX Gold June 5 contracts were up 0.67 per cent at ₹88,661 per 10 grams at 5 PM.
International gold prices also traded higher on the prospect of an early rate cut by the US Federal Reserve due to the economic slowdown in the US. Comex Gold was up 0.80 per cent at 3,059 per troy ounce at 5 PM IST.
Speculation is high that the US central bank may announce an early rate cut in June amid the looming risk of a recession due to US President Donald Trump’s sweeping tariffs against trade partners. Interest rate cuts are positive for gold prices.
Trump’s tariff measures have impacted investors’ sentiment globally. Gold, which tends to gain in times of uncertainty, also witnessed heavy selling due to concerns that a major trade war will hit global growth and dent demand for the yellow metal.
