Gold Rates Today: A Contrast Between India and Global Markets

Despite a global uptick in gold prices following the U.S. Federal Reserve's concerns over inflation and employment challenges, India saw a decline in gold rates today. At 10:01 am, MCX June gold futures were valued at Rs 96,981 per 10 grams, a decrease of Rs 109 from the previous session.

Global Gold Appreciation: Spot gold increased by 1.4% to $3,409.76 an ounce, whilst U.S. gold futures advanced 0.7% to $3,416.70 at 0223 GMT. These movements come after the Federal Reserve decided to maintain current interest rates, highlighting risks to the U.S. economy.

Market Reactions and Future Expectations

Market participants are now anticipating 77 basis points of rate reductions this year, starting in September. Gold's role as a safe-haven asset is reinforced by uncertainties in US-China trade talks, with representatives from both nations scheduled to meet in Switzerland this weekend.

Precious Metals Sector: Spot silver increased by 1.1% to $32.82 per ounce, platinum rose 0.8% to $982.05, whilst palladium remained stable at $971.95.

Expert Insights and Technical Analysis

Rahul Kalantri, VP Commodities at Mehta Equities, provided a technical outlook: "Gold has support at $3370-3345 while resistance is at $3422-3440. In INR terms, support is at Rs 96,650-95,980 with resistance at Rs 97,950-98,390."