Gold rate today at a seven-week high as easing US-Iran tension cools US Fed rate hike buzz | Stock Market News
Gold rate today, 6 August 2026: Amid news that the Strait of Hormuz could reopen soon, as US President Donald Trump vowed to ink an agreement with Iran, the gold price today climbed to a seven-week high in domestic and international markets. The MCX gold rate today opened upside at ₹1,49,029 and touched an intraday high of ₹1,49,250 per 10 gm within a few minutes of the Opening Bell. In the international market, the COMEX gold price today reached a seven-week high, hitting an intraday high of $4,363.60/oz. However, the precious yellow metal witnessed profit-booking at higher levels and fell to $4,320 per ounce in the international market, while the MCX gold rate remains above ₹1,49,000.
According to market experts, easing tensions in the US-Iran war, in hopes of reopening the Strait of Hormuz, is expected to cool crude oil prices and the buzz around a US Fed rate hike in the near term. This is putting pressure on US Treasury yields, and people are moving their money from US bonds to gold and other safe havens.
On the reasons that are fueling gold rates today, Ponmudi R, CEO at Enrich Money, said, “Gold price today extended its gains despite the improvement in geopolitical sentiment, supported by softer Treasury yields, a weaker dollar, and reduced expectations of aggressive monetary tightening. The metal’s resilience suggests that investors are retaining some defensive exposure while awaiting greater clarity on the Middle East agreement and the outlook for U.S. interest rates.”
“Cooling crude oil prices are putting pressure on the US treasury yields and the US Dollar, as a smooth supply of crude oil prices is expected to contain inflation, and hence the US Fed rate hike looks unlikely in such a scenario,” said Anuj Gupta, a SEBI-registered market expert.
On important levels about the MCX gold rate today, Anuj Gupta said, “The MCX gold price today is in a broader range of ₹1,45,000 to ₹1,52,000 per 10 gm, while the smaller range is ₹1,47,000 to ₹1,50,000. This means the MCX gold rate is facing a hurdle at ₹1,50,000 and can touch ₹1,52,000 if it breaks and sustains above ₹1,50,000. In the international market, the COMEX gold price today has an immediate hurdle at $4,320 per ounce. On breaking above this resistance, the precious yellow metal may touch $4,350 per ounce soon.”
Anuj Gupta advised investors to maintain a ‘buy-on-dip’ strategy as the overall trend for the precious yellow metal is positive.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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. <br><br> 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. <br><br> 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. <br><br> 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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