Spot gold rose 0.4% to $2,943.03 per ounce.
US gold futures gained 0.2% to $2,951.90 per ounce.In India too, gold rates rose:
24-carat gold: ₹8,816.3 per gram (+₹510)
22-carat gold: ₹8,083.3 per gram (+₹470)
What’s driving gold prices?
Tariff uncertainty: President Donald Trump’s new 20% tariff on Chinese goods and 25% duty on Canadian and Mexican imports increased economic risks. Although Trump later softened some measures, concerns persist.
Inflation and Fed Policy: The US Consumer Price Index (CPI) rose less than expected, easing inflation fears. Lower inflation strengthens the case for Federal Reserve rate cuts, which support gold.Safe-haven demand: Gold, a traditional hedge against uncertainty, continues to gain. Marex analyst Edward Meir said, “$3,000 per ounce is the next logical target, likely to be reached in the next few months.”
Technical outlook
Gold has broken out of its previous consolidation range of $2,885 – $2,935 per ounce and is now eyeing $2,975 per ounce ($87,500 per 10g in India).
Augmont Bullion’s report suggests further upside momentum if gold sustains above resistance levels.
Support and resistance levels
International Gold: Support $2,885 per ounce, Resistance $2,975 per ounce
Indian Gold (per 10g): Support ₹85,300 per 10 grams, Resistance ₹87,500 per 10 grams
–With Reuters inputs
