As anxious investors flocked to safe-haven assets due to concerns about the intensifying global trade war,gold reached a new high. After peaking at $3,167.57 earlier in the day,spot gold was up 0.4% at $3,145.93 an ounce.
Today’s gold rate: Following US President Donald Trump’s announcement of more aggressive-than-expected reciprocal tariffs on major trading partners, gold prices on the MCX rose 0.5 percent on Thursday,following advances in global bullion prices and growing demand for safe haven assets.
In contrast to the previous closing of ₹90,728 per 10 grams,MCX gold prices opened higher at ₹91,230. At ₹99,658 per kg,MCX silver prices opened lower than their previous close of ₹99,753. After opening,the price of gold reached a new high of 91,423.
The MCX gold rate was up ₹557,or 0.61%,at ₹91,285 per 10 grams at 9:10 AM. At ₹98,192 per kg,the MCX silver rate decreased by ₹1,561,or 1.56%.
After peaking at $3,167.57 earlier in the day,spot gold was up 0.4% at $3,145.93 an ounce.
At $3,170.70, US gold futures strengthened 0.1%. An ounce of spot silver fell 1.2% to $33.61.
Trump’s tariffs :
In an effort to intensify the global trade war, Donald Trump declared on Wednesday that he would impose a 10% baseline duty on all imports to the US and higher duties on dozens of other nations, including some of the US’s largest trading partners.
According to Reuters,Trump’s government also announced that levies on imports of auto parts will begin on May 3 and that his 25% worldwide vehicle and truck tariffs will go into force on April 3 as planned.
Gold prices were supported by the US 10-year bond yields and the dollar index falling to 5-1/2-month lows.
Outlook for Gold Prices :
The price of gold reached all-time highs. Rahul Kalantri,VP Commodities at Mehta Equities Ltd.,stated that although silver prices were extremely volatile throughout his tariff announcements,they were not supported by the sell-off in the industrial metals and global equities markets.
“Gold’s resistance is between $3,172 and 3,190,while its support is between $3,118 and 3,095.According to Kalantri,silver has resistance between $33.80 and 34.05 and support between $33.30 and 33.10.
According to him, gold prices on the MCX have resistance between 91,080 and 91,390 and support between 90,480 and -9,250. Support for silver is between ₹99,050 and 98,450, while resistance is between ₹1,01,000 and 1,01,740.
In the meantime,the benchmark Nifty 50 index dropped below the 23,300 mark,indicating a decline in the Indian stock market.
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