Gold rate today: After some profit-booking at higher levels, the gold price today witnessed value buying at the lower levels. The COMEX gold rate today bounced back from the intraday low of $5,094.75/oz and touched an intraday high of $5,200 per troy ounce, logging an intraday gain of nearly 1.50% against the previous day’s close. Similarly, the MCX gold rate today opened upside at ₹1,63,265 per 10 gm and touched an intraday high of ₹₹1,63,800 per 10 gm, around ₹17,000 away from its existing record high of ₹₹1,80,779 per 10 gm.
According to market experts, the undertone of the gold price today is positive, as safe-haven demand for the precious metal has improved following the escalation of the US-Iran war. Experts said the COMEX gold rate today is in $5,100 to $5,200 per ounce range. On breaking above $5,200, we can expect the precious yellow metal to reach $5,250 and $5,300. On the downside, $4,900/oz is a crucial support for the precious metal, and ₹1,58,000 is a crucial support for the gold price today on MCX.
US-Iran war: Strait of Hormuz in focus
Anuj Gupta, a SEBI-registered market expert, believes the undertone for gold and silver prices today is positive, as safe-haven demand for the precious metals has risen further following the escalation in the US-Iran war. He said that soaring crude oil prices due to the disruption in the Strait of Hormuz is expected to fuel global inflation, which would put currencies across the globe under pressure. A weak US Dollar (USD) and the Indian National Rupee (INR) will also fuel gold prices in the international and domestic markets.
“The COMEX gold rate today is in the $5,100 to $5,200 range. Breaking above $5,200/oz, the precious yellow metal may soon touch the $5,250 and $5,300 per ounce levels,” said Anuj Gupta.
The SEBI-registered market expert said the MCX gold rate today is in the ₹1,58,000 to ₹₹1,65,000 per 10 gm range. On breaking above ₹1,65,000 resistance, the MCX gold price may touch ₹₹1,70,000 per 10 gm in the near term.
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Ponmudi R, CEO at Enrich Money, said that the gold price today is maintaining a sequence of higher highs and higher lows. The broader bullish framework remains intact, supported by strong momentum and sustained breakout continuation from previous consolidation zones. Prices continue to hold firmly above key moving averages and prior resistance areas near earlier record highs, gradually edging higher and indicating strengthening bullish momentum.
“Strong buying interest remains visible within the $5,100–$5,200 support band. As long as gold sustains above the $4,900–$5,000 support zone, the broader bullish trend remains intact. A sustained breakout above $5,400–$5,600 could open the door toward fresh record highs,” the Enrich Money CEO added.
Outlook for the MCX gold rate today
The Enrich Money expert said the MCX gold rate today is trading between ₹1,60,000 and ₹1,70,000. Prices are currently consolidating with a mildly positive bias as safe-haven demand remains supported by global geopolitical uncertainty. Strong buying interest is visible in the ₹1,58,000 to ₹1,62,000 demand zone, which has emerged following the recent surge driven by Middle East tensions stemming from the US-Iran war.
“If prices continue to hold above this base and achieve a sustained breakout above ₹1,70,000, momentum may extend towards ₹1,75,000 to ₹1,80,000, maintaining a constructive medium-term outlook,” Ponmudi R of Enrich Money concluded.
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.
