Gold price today: Gold rates jumped higher to hit their record high levels in the morning trade in the domestic futures market Friday morning, supported by strong momentum in the domestic spot market and upbeat global cues. Uncertainty surrounding US President Donald Trump's tariff policies remains a key tailwind for gold prices globally.
MCX Gold for April 4 contracts hit a record high of ₹82,415 per 10 grams. Around 9:30 AM, MCX Gold was 0.36 per cent higher at ₹82,341 per 10 grams.
The yellow metal hit a record high of $2,799.71 in international markets on Friday, looking set to clock gains for the fifth consecutive week due to heightened safe-haven demand amid prevailing uncertainty about US tariffs. Investors also awaited the December US personal consumption expenditures (PCE) report, due later in the day, for further clues on the US Fed interest rate trajectory.
Meanwhile, in the previous session, gold prices reached a new all-time high of ₹83,800 per 10 grams in the national capital.
A confluence of factors, including rupee's weakness, a decline in the US bond yields and dollar index and the Trump factor, are driving gold prices higher.
"Rupee weakness is a major reason behind gold's rise. Besides, Trump's tariff policies, fall in the US bond yields and dollar index after a 25 bps rate cut by the European Central Bank (ECB) are also positive for gold prices," said Rahul Kalantri, VP of commodities at Mehta Equities Ltd.
Kalantri pointed out that gold pries have given a breakout so chart-based buying by traders are also boosting the yellow metal.
Budget-related speculations may also be a reason behind rising fold prices as investors anticipate Finance Minister Nirmala Sitharaman's announcement of a hike in customs duty on gold.
"Weak Indian rupee and healthy spot demand is driving up gold prices. There is also an expectation of a hike in customs duty on gold in Budget 2025. This is also contributing to the rise in gold prices," said Hareesh V, the head of commodity research at Geojit Financial Services.
According to Kalantri, gold has support at $2,777-2,762 while resistance at $2,812-2,822. Silver has support at $31.15-30.95 while resistance is at $31.65-31.80. In INR, gold has support at ₹81.550-81,380, while resistance at ₹82,070-82,350. Silver has support at ₹92,770-92,050 while resistance at ₹93,980-94,570.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and volatility in the global financial markets and ahead of the US core PCE price index data.
"Gold has support at $2,828-2,800, while resistance at $2,862-2,884 per troy ounce and silver has support at $32.00-31.70, while resistance is at $32.80-33.20 per troy ounce in today’s session," said Jain.
"MCX gold has support at ₹81,660-81,325 and resistance at ₹82,480-83,000 while silver has support at ₹92,800-92,220 and resistance at ₹94,200-95,000," Jain said.
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