Gold rate today: Prices move up after US Fed warns of economic uncertainty; experts highlight key levels for MCX Gold

Gold rate today: Gold prices rose in the domestic futures market Thursday morning, a day after the US Federal Reserve Chair Jerome Powell warned of elevated economic uncertainty and inflation risk in the US, primarily due to President Donald Trump's tariff policies. However, growing optimism over a potential trade deal between the US and its major trading partners, including China and India, capped gains in the yellow metal. MCX Gold June 5 contracts traded 0.11 per cent higher at ₹97,200 per 10 grams around 9:15 AM.

The US Federal Reserve's FOMC (Federal Open Market Committee) kept the key benchmark interest rates unchanged on Wednesday, May 7, flagging the risks of economic uncertainty and inflationary pressures on the US economy.

Powell said that the US economy is in a solid position. However, he emphasised that the elevated risks of uncertainties related to the economic outlook still prevail.

Powell underscored that the tariff situation has been “significantly larger than anticipated”, and as the policies are still evolving, their effects on the US economy remain “highly” uncertain.

US stocks ended lower, while the dollar index fluctuated after the Fed policy outcome.

Meanwhile, expectations of a trade deal between the US and its major trading partners gained further momentum as the US and Chinese officials are to hold talks in Switzerland this weekend.

According to reports, US Treasury Secretary Bessent and Chief Trade Negotiator Jamieson Greer are set to meet China’s economic tsar, He Lifeng, in Switzerland this week.

Besides, Trump said on Tuesday, May 6, that India has agreed to reduce its tariffs on imports from the United States to “nothing.”

Experts highlight key levels for MCX Gold, Silver

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,370-3,345 while resistance is at $3,422-3,440. Silver has support at $32.50-32.20 while resistance is at $33.05-33.25.

In INR terms, Kalantri finds support for gold at ₹96,650-95,980 and resistance at ₹97,950-98,390. Silver has support at ₹94,880-94,150 while resistance is at ₹96,950-97,880, said Kalantri.

Experts at Motilal Oswal Wealth Management expect MCX Gold to trade sideways with support at ₹96,800 and ₹96,500 and resistance at ₹97,500 and ₹97,750.

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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.