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Gold prices today
International market: Spot gold fell 0.2% to $3,016.43 per ounce (as of 0302 GMT), while US gold futures remained steady at $3,020.80 per ounce.
This follows a record high of $3,057.21 per ounce on March 20.
India market: Gold prices in India saw a modest decline.
24K Gold: ₹8,999.3 per gram (down ₹10)
22K Gold: ₹8,246.3 per gram (down ₹10)
Key factors driving gold prices
Strengthening US dollar: The dollar index hovered near a three-week high, weighing on gold demand.
Geopolitical uncertainty: A US delegation is set to discuss a Black Sea ceasefire with Russia, while tensions in the Middle East persist after an Israeli airstrike in Gaza.
Hopes for a Russia-Ukraine peace deal remain uncertain after recent Ukrainian drone strikes.
US trade policies and inflation risks: Former US President Donald Trump announced new reciprocal tariffs set to take effect on April 2, which could fuel inflation and impact economic growth.
However, Trump signaled some flexibility on tariffs, easing market fears and slightly curbing gold’s momentum.
The Federal Reserve kept interest rates steady at 4.25%-4.50% last week, with expectations of two rate cuts by the end of 2025.
Lower interest rates make gold, a non-yielding asset, more attractive to investors.
According to Rahul Kalantri, VP Commodities, Mehta Equities, gold saw sharp profit booking as the dollar strengthened and investors awaited tariff announcements on April 2.
“However, geopolitical risks and uncertainty over US trade policies continue to drive safe-haven demand,” he said.
Investment outlook
Gold remains a preferred hedge against inflation, geopolitical risks, and economic uncertainty.
While short-term corrections may occur, the long-term trend remains positive, especially if global risks escalate or the Fed signals more aggressive rate cuts.
–With Reuters inputs
