Gold price today: Yellow metal up for second straight session, here's what analysts say 

Gold price today: Gold prices rose for the second consecutive session today as equities were trading on a mixed note. On the global front, gold prices climbed 1 per cent to $3,338.76 on Tuesday. On MCX, gold price rallied nearly Rs 1,100 or over 1% to hit a high of Rs 97,165 in the afternoon session. Dollar index was also down 0.20% to 96.68, bringing a relief for the prices of yellow metal.A weak dollar also pushed the prices of gold higher.  

The precious metal is in the uptrend as the Federal Reserve has announced that there will be two more interest rate cuts this year. This signals that the US economy needs the apex bank's support to aid  growth. In times of low growth, gold is considered as a safe haven for investment, 

On June 16, gold rates on MCX reached a record high of Rs 1,01,078. The yellow metal has lost 5% since then. 

Rahul Kalantri, VP Commodities, Mehta Equities said, "Precious metals witnessed a sharp correction amid geopolitical easing and global market optimism. The ceasefire between Israel and Iran deflated the war risk premium, triggering a pullback in gold and silver prices. Gold slipped to its lowest level in a month, while silver also declined sharply. Additional pressure came from fading hopes of near-term U.S. Fed rate cuts. However, the downside is being cushioned by dollar weakness and rising tensions in the Russia-Ukraine region. Gold has support at $3264-3245 while resistance at $3315-3335. In INR, gold has support at Rs 95,100- Rs 94,780 while resistance at Rs 95,940-96,450."

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold is expected to trade in a range of Rs 94,000–Rs 97,500 per 10 gm in the domestic market in the near term, with volatility likely to increase as markets react to US labour data and evolving macroeconomic cues in trade tariffs updates."