India Gold price today: Gold stays hopeful ahead of Trump's tariff reveal

Having touched a new record high in India on Tuesday, Gold price has entered a phase of upside consolidation early Wednesday. The traditional safe haven, the Gold price, benefited from tariff concerns ahead of US President Donald Trump's announcement on April 2. 

As of writing, Gold price is ticking slightly higher to Indian Rupees (INR) 8,583.84 per gram after settling Tuesday at INR 8,572.42, according to data compiled by FXStreet.

Meanwhile, Gold price advanced to INR 100,120.70 per tola from Tuesday's close of INR 99,986.97 per tola.

Global Market Movers: Gold bulls opt to wait for Trump's tariffs before placing fresh bets

• Investors remain worried about the potential economic fallout from US President Donald Trump's trade policies, which assists the safe-haven Gold price to regain positive traction following the overnight pullback from a fresh all-time peak.
• The recent US macro data pointed to still sticky inflation and slowing economic growth, implying that the economy could be heading towards stagflation, which might force the Federal Reserve to resume its rate-cutting cycle in June. 
• The concerns were fueled by the disappointing US ISM Manufacturing Purchasing Managers Index (PMI) on Tuesday, which fell from 50.3 to 49 in March and indicated that business activity contracted for the first time in three months. 
• The report also revealed that inflation at the factory gate jumped to the highest level in nearly three years and the Employment Index highlighted a decrease in the sector's payrolls at an accelerating pace during the reported month.
• Adding to this, the Job Openings and Labor Turnover Survey (JOLTS) showed that the number of job openings on the last business day of February stood at 7.56 million, down from 7.76 million reported in the previous month.
• According to the CME Group's FedWatch Tool, the markets are currently pricing in the possibility that the Fed would cut rates by 80 basis points this year, undermining the US Dollar and further benefiting the non-yielding yellow metal. 
• Asian equity markets tracked the overnight gains on Wall Street, which, along with overbought conditions, might hold back the XAU/USD bulls from placing fresh bets ahead of Trump's impending reciprocal tariffs announcement.
• In the meantime, the release of the US ADP report on private-sector employment and Factory Orders data might influence the USD, which could provide some impetus to the precious metal later during the early North American session. 

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

(An automation tool was used in creating this post.)