These concerns have fueled inflation worries and reinforced expectations of prolonged high interest rates.

As of 9:40 am, domestic gold was down 0.7 per cent or Rs 982, trading at Rs 1,43,300.

On the international market, spot gold remained relatively flat, slipping 0.1 per cent to USD 4,489.63. The recent trend has been largely negative, with gold prices declining in 11 of the last 14 sessions. However, on Friday, March 27, the metal had rebounded over 2 per cent as investors followed a "buy on dips" strategy.

Middle East tensions drive market sentiment

Geopolitical developments remain a key driver of gold prices. Iran's joint military command spokesperson stated on Sunday that private residences of US and Israeli officials could now be considered legitimate targets, signalling further escalation in the ongoing conflict.

"In the week ahead, focus will remain on developments in West Asia. Any sign of escalation or de-escalation may drive financial markets lower or higher," said Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, in a statement to PTI.

Rising oil prices add to inflation concerns

The geopolitical tensions have also pushed crude oil prices higher. Both WTI and Brent benchmarks surged nearly 3 per cent on Friday, crossing the USD 100 mark.

Higher oil prices tend to increase inflationary pressures, which in turn reduce the likelihood of interest rate cuts, creating headwinds for gold prices.

Stronger US Dollar weighs on gold

Adding further pressure, the US dollar index rose 0.2 per cent to 100.32. A stronger dollar typically makes gold more expensive for foreign buyers, dampening demand and exerting downward pressure on prices.

Focus shifts to Fed Chair Jerome Powell's speech

Market participants are now closely watching upcoming remarks from Jerome Powell. His speech is expected to provide insights into the health of the US economy and future monetary policy, which could influence gold's trajectory.

Holiday-shortened week to impact trading volumes

Trading activity in domestic commodity markets is expected to remain subdued in the coming week due to holidays. Markets will remain closed on Mahavir Jayanti (March 31) and Good Friday (April 3).

Looking ahead, gold prices are expected to trade in a sideways-to-bullish range. Investors will keep a close watch on key US economic data releases during the shortened Easter week, along with ongoing geopolitical developments, which are likely to dictate market direction.

Also Read: Silver Rate Today, March 30: White metal slips nearly Rs 2000 on MCX amid inflation concerns | Latest prices in Delhi, Mumbai, Chennai

City-wise Gold rate (Per 10 Grams)

Gold prices remain largely uniform across cities, with Chennai slightly higher. Minor variations reflect local taxes and demand, while the overall trend indicates stable nationwide pricing with negligible regional disparity.

Today's gold rate by IBJA

The India Bullion and Jewellers Association (IBJA) sets the daily "base price" of gold in India, which serves as the national benchmark for bullion rates. In simple terms, IBJA rates act as the reference price across the country. Below is a breakdown of gold prices based on different purity levels (carats) as defined by IBJA.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)

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