Gold price today: MCX gold rate climbs to ₹88,000 ahead of US Fed meeting | Stock Market News

Gold Price Today: Gold Futures on the Multi Commodity Exchange (MCX) in India gained on Monday ahead of the US Federal Reserve meeting on Wednesday, March 19. 

After hitting the day’s high of ₹88,160 per 10 grams at the MCX on Monday, March 17, the precious yellow metal was trading 0.01 per cent or ₹9 higher at ₹88,001 per 10 grams for April 4, 2025, futures contract as of 8:25 p.m. (IST), compared to ₹87,991 at the previous commodity market session.

The US Dollar was also under pressure due to global market sentiments. According to the Bloomberg Dollar Spot Index, the US greenback was trading 0.32 per cent lower at 103.384 as of 11:20 a.m. (EDT) on March 17. 

Silver prices on the MCX were trading 0.43 per cent or ₹432 lower at ₹1,00,306 per kilo as of 8:59 p.m. (IST) for the May 5, 2025 futures contract, compared to ₹1,00,738 per kilo at the previous market close.

Gold Prices Outlook

Jateen Trivedi, VP Research Analyst of Commodities and Currency at LKP Securities, said that the MCX golds rose with support from the Comex gold as the precious yellow metal rallied due to US tariffs on various products across several nations. 

“Gold prices surged to new highs above ₹88,000 in MCX, supported by Comex gold crossing the $3,000 mark. The rally is fueled by continued US tariffs on various products across multiple countries, with the latest focus on European goods like alcohol and cognac,” said the commodity market expert. 

“These tariff concerns are keeping market participants cautious, driving sustained gold buying. This week, key events such as US retail sales data and the Fed’s policy meeting and statement will be crucial in determining the next move for gold. The price range has shifted higher to ₹87,250 – ₹88,650,” said Trivedi.

Global Gold Prices

According to the news agency Reuters report, the global gold prices found a safe-haven on Monday as the focus of market investors shifted towards the upcoming US Fed meeting.

The report also cited that spot gold rates were trading 0.5 per cent higher at $2,997.84 per ounce as of 7:41 a.m. (EDT). Last Friday, spot gold prices hit a record high of $3,004.86.

“We expect prices to edge higher on a similar trajectory with dips bought as FOMO (fear of missing out) trades support the market,” Ross Norman, an independent analyst, told the news agency.

The precious yellow metal futures eased 0.2 per cent to $3,006.10, according to the agency report.

“In short, we would be surprised not to see the $3,150 level in the coming months much as we had forecasted – albeit much quicker than we had anticipated,” said Norman reported the news agency.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.