Gold rate today: Following a sharp sell-off in US long-term bonds and a dent in hopes of a US Fed rate hike amid renewed inflation concerns, the gold price saw a strong rebound last week. In the international market, the COMEX gold price today stands nearly 16% above its June 2026 low of $3,942 per ounce. In the domestic market, the MCX gold rate today stands at around ₹1,62,500 per 10 gm, nearly 17% higher than its June lows of nearly ₹1,40,000 per 10 gm. Looking at the USD-INR conversion, the Indian National Rupee (INR) settled at 95.71 against one US Dollar (USD) on Friday, about 1.20% below its July 2026 peak of 96.88.
Speaking on the triggers driving gold price today, Sugandha Sachdeva, Founder of SS WealthStreet, said that a confluence of structural and macroeconomic factors has fuelled this upswing. Persistent central-bank accumulation continues to provide a strong underlying pillar of demand, as reserve managers seek greater diversification amid geopolitical uncertainty and rising sovereign debt. At the same time, the return of investment flows into gold ETFs has provided an additional source of demand, signalling renewed investor appetite after the earlier phase of outflows.
Pointing towards the possible looking outcome from the US Fed meeting next month, Sugandha Sachdeva said, “Another significant trigger has emerged from the US Treasury market, where a sharp sell-off in long-duration government bonds pushed 30-year Treasury yields to multi-year highs of 5.33% recently. Persistent fiscal deficits, mounting government debt, inflation concerns and heavy Treasury issuance have prompted investors to demand a higher risk premium for holding long-duration US debt.”
Sugandha said that the resulting surge in yields has tightened financial conditions across the economy, raising borrowing costs for the US government, companies, and households. She said that the US Treasury moves suggest that authorities are prepared to provide liquidity support when market functioning deteriorates.
Pointing towards the renewed fear of inflation, Sugandha Sacheva said that persistent fiscal deficits, mounting government debt, inflation concerns and heavy Treasury issuance have prompted investors to demand a higher risk premium for holding long-duration US debt. The resulting surge in yields has tightened financial conditions across the economy, raising borrowing costs for the US government, companies, and households.
“This creates an interesting dynamic for gold. Ordinarily, rising US Treasury yields, particularly rising real yields, are negative for gold because they increase the opportunity cost of holding a non-yielding asset. However, when yields rise because investors demand greater compensation for fiscal deficits, excessive government borrowing, inflation, and sovereign debt risk, gold can simultaneously attract demand as an alternative store of value. On the other hand, if policy measures help stabilise long-term yields and exert downward pressure on the dollar, the macro backdrop becomes even more supportive for the precious metal,” Sugandha added.
Expecting further appreciation in the Indian Rupee, Anuj Gupta, a SEBI-registered market expert, said, “The US Treasury's buyback move is expected to weigh on the long-term US bond yield and the US Dollar. So, the Indian currency is expected to gain more lost ground in the near-term.”
Asked about the major levels that a currency trader must know, Ponmudi R, CEO at Enrich Money, said, “Immediate resistance stands at 95.75–95.8 near previous highs; a move above could rebuild momentum toward 95.9–96, renewing pressure on the rupee. On the downside, 95.6–95.5 acts as immediate support, with a stronger base near 95.4.”
“Fed Chair Kevin Warsh's Jackson Hole address will be the pivotal near-term catalyst. A dovish or neutral tone could extend support for bullion by reinforcing expectations of a policy pause or eventual easing, while a hawkish surprise could trigger a rebound in the US dollar and put renewed pressure on gold and silver,” said Ponmudi R of Enrich Money.
Expecting the gold price rally to further continue, Sugandha Sachdeva of SS WealthStreet said the August rally appears to be driven not by any single catalyst, but by a powerful combination of persistent central-bank demand, improving ETF flows, fading expectations of US monetary tightening, moderating inflationary pressures, concerns over US fiscal and debt sustainability, and increasing stress across global sovereign bond markets.
“These factors are reinforcing gold's appeal both as a traditional safe-haven asset and as a hedge against fiscal, monetary and geopolitical uncertainty,” Sugandha said, adding, “In the international market, the $4620-$4630 per ounce zone is likely to act as an immediate resistance area, and a decisive breakout above the $4620-$44630 per ounce resistance zone in the international market could open the door towards the $4900 per ounce mark over the medium term.”
Sugandha added that in the domestic market, the broader structure remains constructive as long as prices hold above the crucial ₹1,54,000 per 10 gm support zone. A sustained breakout above the recent high around ₹1,62,700 per 10 gm would signal a continuation of the prevailing uptrend and could pave the way for prices to test the ₹1,70,000- ₹1,72,000 per 10 gm zone in the coming months.
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Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records.
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While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat.
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Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities.
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Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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