Gold price today: MCX Gold hits record high on dollar’s fall, persisting Trump’s tariff uncertainty

Gold price today: Gold rates jumped to a fresh all-time high of ₹94,840 per 10 grams in the domestic futures market Wednesday morning. MCX Gold rates jumped over ₹1,000, or over 1 per cent, per 10 grams in early trading on Wednesday, April 16, hitting a record high, supported by a weaker dollar and prevailing uncertainty over US President Donald Trump’s tariff policies.

MCX Gold prices tarded 1.50 per cent higher at ₹94,840 per 10 grams around 10:55 AM.

International gold prices also jumped to record highs on Wednesday, driven by a weaker dollar and concerns over the impact of the trade war on global economic growth.

Comex Gold jumped nearly 2 per cent to hit $3,294.60 per troy ounce.

Economic uncertainty increases safe-haven demand among investors, driving gold prices higher.

The dollar index declined by about half a per cent during the session. As gold is priced in the US dollar, the weakness of the US currency makes the yellow metal cheaper in other currencies, enhancing its demand.

Increasing rate cut hopes after a significant decline in inflation in India and the US are also supporting gold prices.

India's retail inflation eased in March 2025 to the lowest since August 2019.

Retail inflation, based on the Consumer Price Index (CPI), rose by 3.34 per cent annually in March, according to the Ministry of Statistics and Programme Implementation (MoSPI) data. This is lower than the 3.61 per cent registered in February and 4.85 per cent reported in the year-ago period.

In the US, the consumer price index (CPI) cooled to 2.4 per cent in March from a year ago.

Investors' focus now is on US retail sales data due later in the day, which will offer fresh insights into the world's largest economy and shape expectations about the US Federal Reserve's monetary policy.

Experts suggest buying gold, silver

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week, given the volatility in the dollar index and the US-China trade war.

According to Jain, gold has support at $3,220-3,194 and resistance at $3,264-3,292 per troy ounce, and silver has support at $32.00-31.74, while resistance is at $32.64-32.88 per troy ounce in today’s session.

MCX Gold has support at ₹93,000-92,660 and resistance at ₹93,950-94,500 while silver has support at ₹94,000-93,350 and resistance at ₹95,500-96,650, said Jain.

Jain suggests buying gold above ₹93,600 with a stop loss of ₹93,300 for the target of ₹94,200 and silver around ₹94,400 with a stop loss of ₹93,750 for the target of ₹95.800.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.