Global and Indian gold rate trend today
In the international market, spot gold
dropped 0.7% to $3,268 an ounce, hitting its lowest since May 20.
US gold futures slipped 0.1% to $3,265 an ounce.
In India, gold prices also declined. As of today:
- 24K gold is priced at ₹9,747 per gram
- 22K gold at ₹8,934 per gram
- 18K gold at ₹7,310 per gram
(Source: Goodreturns)
Why are gold prices falling?
The drop follows a US federal court ruling that blocked former President Donald Trump’s “Liberation Day” tariffs, calling them illegal.
This reduced fears of a trade war and boosted investor confidence in riskier assets.
Nicholas Frappell, Global Head at ABC Refinery, said, “The dollar rallied on the news, pushing gold lower.”
Adding to the pressure, the US dollar index strengthened, making gold costlier for non-dollar buyers. Wall Street futures and Asian equities also rose, diverting funds away from bullion.
The Trump administration has filed an appeal against the ruling, hinting at further legal escalation.
Levels to watch and outlook
Rahul Kalantri, VP Commodities at Mehta Equities, said that gold has technical support at $3,255–$3,240 an ounce and resistance at $3,300–$3,322 an ounce. In India, gold has support at ₹94,910–₹94,580 per 10 grams and resistance at ₹95,550–₹95,740 per 10 grams.
Aksha Kamboj, Vice President, India Bullion and Jewellers Association, said, “With reduced geopolitical tensions and a stronger dollar, gold may continue its downward trend in the near term. But long-term investors should see this as a buying opportunity.”
With inflation concerns still lingering and the Fed adopting a cautious stance, long-term gold fundamentals remain intact.
This dip could be a good chance to accumulate gold at lower levels for long-term investors. However, short-term traders should remain cautious ahead of key US data releases like GDP and the PCE inflation index, experts say.
–With Reuters inputs
