Gold price today: Rates jump on weaker dollar, tariff worries; experts highlight key levels for MCX Gold

Gold price today: Gold prices climbed 1 per cent in the morning session of trade on the domestic futures market Monday, amid a weaker dollar and renewed fears of Trump-era tariffs. MCX Gold June 5 contract traded 0.95 per cent higher at ₹93,317 per 10 grams around 9:10 AM.

International gold prices also rose after US Treasury Secretary Scott Bessent's comments on President Donald Trump's tariff threats fuelled safe haven demand, reported Reuters.

Reuters reported, quoting Treasury Secretary Scott Bessent saying in television interviews on Sunday that "Trump would impose tariffs at the rate he threatened last month on trade partners that do not negotiate in good faith on deals."

Trump's tariff policies have kept the financial markets volatile in the last few months.

Meanwhile, the dollar index declined nearly 0.3 per cent, supporting gold prices. A decline in the US dollar makes gold cheaper in other currencies, enhancing its demand.

The dollar declined after ratings agency Moody’s on Friday downgraded the US’ sovereign credit rating by one notch to ‘Aa1’, citing the country’s growing debt amid persistent political bickering.

Moody’s downgrade is also seen as positive for safe-haven assets.

"Moody's decision to lower the US credit profile by one notch could dampen sentiments for the time being around risky assets, providing a fillip to safe-haven assets like gold. Buying may emerge from lower levels and spill over to MCX Gold as well. That, coupled with domestic buying ahead of the upcoming wedding season in India, will ensure that the downside is capped and prices remain at elevated levels," said Aksha Kamboj, Vice President, India Bullion and Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Experts highlight key levels for MCX Gold, Silver

Manoj Kumar Jain of Prithvifinmart Commodity Research expects precious metals to remain volatile and suggests selling gold on the rise.

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the Russia-Ukraine peace talks. We suggest selling gold on rise around ₹93,200 with a stop loss of ₹94,200 for the target of ₹91,100," said Jain.

Jain said gold has support at $3,164-3,140, while resistance is at $3,207-3,234 per troy ounce. Silver has support at $32.00-31.80, while resistance is at $32.60-32.84 per troy ounce in today’s session.

MCX Gold has support at ₹91,950-91,400 and resistance at ₹92,850-93,360, while silver has support at ₹94,650-93,800 and resistance at ₹96,000-96,650, said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,195-3,175 and resistance at $3,245-3,260. Silver has support at $32.10-31.80 and resistance at $32.65-32.85.

In INR, gold has support at ₹91,850-91,480 while resistance is at ₹92,850-93,490. Silver has support at ₹94,480-94,850, while resistance is at ₹95,950-96,650.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.