Gold rate today: Gold prices surge to Rs 99,750 per 10 grams as investors in wait and watch mode ahead of US Fed Reserve meet

Gold rate today: Gold prices increased by Rs 2,400 to Rs 99,750 per 10 grams in national capital on Tuesday, driven by sustained jeweller buying and stock positions as traders awaited signals from the forthcoming Federal Reserve policy meeting, as reported by the All India Sarafa Association. The previous day's closing price for 99.9 per cent pure gold was Rs 97,350 per 10 grams. Additionally, in its third consecutive day of gains, 99.5 per cent pure gold rose Rs 2,400 to Rs 99,300 per 10 grams on Tuesday, up from its previous close of Rs 96,900 per 10 grams.Meanwhile, the MCX June gold futures contract increased by Rs 1,951, or 2.06 per cent, reaching Rs 96,600 per 10 grams.In international markets, spot gold advanced $45.65, or 1.37 per cent, to $3,379.77 per ounce while the international spot silver prices rose 1.64 per cent to $33 per ounce."The proposed measures include duties on pharmaceutical imports and a steep 100 per cent tariff on movies produced outside the United States -- a move that stoked concerns over renewed trade tensions and their potential impact on global growth," said Abans Financial Services' chief executive officer Chintan Mehta.Also Check | Gold price prediction: What's the gold rate outlook for this week - should you buy or sell?This comes after Trump, on Sunday, declared a 100% tariff on internationally produced films, although specific implementation details were not provided.The following day, he indicated plans to introduce pharmaceutical tariffs within a fortnight.This week's focus centres on the Fed's interest rate verdict and Fed Chair Jerome Powell's Wednesday statements, which may indicate the US central bank's future rate direction. Since December, the Fed has maintained its policy rate between 4.25%-4.50%.According to Reuters, the Federal Reserve is expected to maintain current interest rates. However, this meeting could be the final one with such predictable outcomes, as Trump's tariff policies introduce uncertainty into the economic forecast.Also Read | India has the world's 7th highest gold reserves! Why is RBI buying gold and how does it help the Indian economy?