Gold prices are rising today April 09 :as concerns about a recession are rekindled by Trump’s tariffs. Is it wise to purchase MCX gold during current rally?
Today’s gold price: Within minutes of Wednesday’s Opening Bell,the MCX gold rate reached an intraday high of ₹88,396 after opening with an upside gap at ₹87,998 per 10 gm.
Gold rate today: In the early hours of Wednesday,there was a lot of purchasing activity in gold prices as a result of US President Donald Trump’s tariff bluster,which fueled the recession rumors. Within minutes of Wednesday’s Opening Bell,the MCX gold rate reached an intraday high of ₹88,396 after opening with an upside gap at ₹87,998 per 10 gm. The price of COMEX gold continued to rise on Tuesday, quoting about $3,021 per ounce on the global market,while the price of spot gold was $3,008 per ounce.
Today’s gold rate: Concerns of a recession :
“Gold prices are on an uptrend today as the escalating trade war tension between the US and China has economic recession fears,” said Anuj Gupta,Head—Commodity & Currency at HDFC Securities,in response to questions about the factors driving gold prices today. People are placing large bets on gold because it is regarded as a secure investment in uncertain economic times.
According to HDFC Securities’ Anuj Gupta, gold prices are anticipated to continue their upward trajectory. The desire for the valuable yellow metal as a safe haven is also being bolstered by the weak US dollar.
Buzz about the US Fed rate decrease :
“Despite falling for three consecutive sessions,gold remains bullish with trade tensions and the prospect of lower U.S. interest rates boosting its allure,”stated Lukman Otunuga,Senior Research Analyst at FXTM, pointing to the US Fed rate cut rumors.
“The market might move back between $3,100 and $3,130 if there is a strong breakout above $3,055. Gold might decline toward $2,950 and $2,930 if there is persistent weakness below $3,000.
Trump’s tariff :
Since U.S. President Donald Trump announced reciprocal tariffs on April 2,investors have been fleeing to safe-haven assets like gold due to concerns about a global trade war.
The US will apply a 104% tariff on China starting at 12:01 a.m. ET on Wednesday,according to a White House official,after Beijing failed to remove its retaliatory duties on US imports by the deadline set by US President Donald Trump at noon on Tuesday.
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