Aniket PujariGold rate today: As US inflation fails to ease trade worries, gold prices continued the uptrend during the early morning deals on Thursday. MCX gold rate today opened upside at ₹86,816 and touched a new peak of ₹86,875 pe 10 gm within a few minutes of the Opening Bell. In the international market, the spot gold price was $2,945 per ounce, while the COMEX gold price was$2,954 per troy once.
According to market experts, the gold rate today continued its uptrend as trade war fears persist despite the fact that US consumer inflation slowed slightly more than expected in February—the first full month of Trump’s second term. They said that gold prices are set to touch the $3,000 per ounce mark in the near term as they have decisively broken the hurdle placed at $2,930 levels.
“I think $3,000 is the next logical target, likely reached sometime over the next several months,” said Marex analyst Edward Meir. “CPI data was encouraging, but I suspect the tariff increase has yet to be picked up in the inflation data.”
Data showed that the US consumer price index increased less than expected last month, but the improvement is likely temporary. Aggressive tariffs on imports are expected to raise the cost of most goods in the months ahead.
Lower inflation leaves more room for the US Federal Reserve to cut interest rates, and non-yielding gold thrives in a low-interest rate setting.
Early this month, Trump triggered a trade war by increasing the tariffs on goods from China to 20% and imposing a new 25% duty on Canadian and Mexican imports.
He later dialled back and provided a one-month exemption for goods that meet the rules of origin under the U.S.-Mexico-Canada Agreement on trade.
Trump also reversed course on Tuesday afternoon, hours after announcing the higher tariffs, on a pledge to double tariffs on steel and aluminum from Canada to 50%.
(With inputs from Reuters)
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
