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Gold rate today: Gold prices in India declined on Thursday despite global prices rising after the U.S. Federal Reserve highlighted concerns about increasing inflation and employment market challenges.Indian market participants remained wary before the upcoming U.S.-China trade discussions this weekend.International markets witnessed substantial 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 increases followed the Federal Reserve’s decision to maintain current interest rates, whilst cautioning about heightened risks of inflation and unemployment affecting the U.S. economic prospects.At 10:01 am, MCX June gold futures were valued at Rs 96,981 per 10 grams, showing a decrease of Rs 109 from the previous session. However, July silver futures demonstrated significant growth, increasing by Rs 479 to Rs 96,212 per kg.Federal Reserve Chairman Jerome Powell expressed uncertainty regarding whether the U.S. economy would sustain its current progress or decelerate due to increasing inflation and international political tensions. Market participants now anticipate 77 basis points of rate reductions this year, commencing in September.Gold, which serves as a protection against economic and political uncertainty, typically shows positive performance when interest rates are low.Gold strengthened its position as a safe-haven asset due to renewed uncertainty in US-China trade talks. MCX Gold initiated trading with an increase exceeding 100 points. The price trajectory appears positive, maintaining levels above the 9 EMA on daily charts. According to Deveya Gaglani, Senior Research Analyst- Commodities at Axis Securities, market participants are awaiting the evening’s jobless claims data.US and Chinese representatives are scheduled to convene in Switzerland over the weekend for trade discussions. Donald Trump stated on Wednesday that China requested the meeting, whilst maintaining his position against reducing import tariffs as a negotiation incentive.In the 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.Rahul Kalantri, VP Commodities at Mehta Equities, told ET: “Technically, gold has support at $3370-3345 while resistance is at $3422-3440. Silver has support at $32.50-32.20 while resistance is at $33.05-33.25. In INR terms, gold has support at Rs 96,650-95,980 while resistance is at Rs 97,950-98,390. Silver has support at Rs 94,880-94,150 while resistance is at Rs 96,950-97,880.”
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