Gold Price Today: Yellow metal hits record high of ₹92,400 on MCX over safe-haven appeal; Profit booking eyed?

Gold Price Today: The yellow metal jumped to a fresh record high in the domestic futures market on Thursday, April 10, driven by its safe-haven appeal amid concerns over an escalating trade war between the US and China. US President Donald Trump announced a 90-day pause on reciprocal tariffs while raising duties on Chinese imports to a staggering 145 per cent.

Back home, the June 5 gold futures contract rose over one per cent and last traded 2.47 per cent higher at ₹92,400 per 10 grams on the multi-commodity exchange (MCX). During the session, the MCX benchmark swung between ₹90,911 to ₹92,400 per 10 grams against a previous close of ₹89,804.

Also Read: Gold rate today: Yellow metal jumps on safe-haven demand amid US-China trade tensions; Spot gold up over $400 in 2025

Gold in international markets

Gold prices jumped nearly three per cent to hit an all-time high on Thursday after the drop in the US dollar and an escalating trade war between the US and China drove investors towards the precious metal's safe-haven allure.

Spot gold last climbed 2.8 per cent to $3,168.26 an ounce, after hitting a record high of $3,171.49 earlier in the session. U.S. gold futures rose 3.5 per cent to $3,185.50. Spot silver fell 0.5 per cent to $30.88 an ounce, platinum shed 0.5 per cent to $932.41 and palladium slipped 1.4 per cent to $918.45.

Also Read: Gold prices today in your city: Check prices in Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bengaluru on April 10

Gold’s rally of over a fifth this year has also been boosted by hopes for US Federal Reserve monetary easing and central bank buying. On Thursday, data showed underlying inflation cooled in March, with traders pricing in expectations for three interest-rate cuts in the remainder of the year, with a chance of a fourth. Lower rates typically benefit gold as it pays no interest.

The precious metal's safe haven status has been underlined this week. Donald Trump’s flip-flopping messaging on his tariff agenda sparked frantic selloffs for US stocks, bonds, and the US dollar after fears of a worldwide recession engulfed Wall Street. Risks and uncertainty remained even after his 90-day tariff pause on higher levies that hit dozens of trade partners.

Trading Strategy for Gold

Commodity experts appear positive about gold's outlook due to persisting global uncertainty. Renisha Chainani, the head of research at Augmont, underscored that with tariffs exceeding forecasts and little indication of discussions, markets are rapidly pricing in the prospect of a worldwide recession.

Also Read: Gold rate today: Yellow metal rises above 88,000 per 10 grams; Silver rate jumps 2% as global stock markets crash

"All-out trade war could force the global economy into a recession, triggering a new wave of risk-aversion trading and reviving demand for the safe-haven gold price," said Chainani. "Despite the short-term fear, the medium- to long-term outlook for gold remains favourable. The current climate,  characterized by volatility, macro uncertainty, and central bank buying, tends to favour gold," Chainani added.

Gold pried may fall below $2,900 (nearly Rs84,500). "Investors should buy gold on every dip," said Chainani. According to Jateen Trivedi, VP of Research Analyst - Commodity and Currency at LKP Securities, "Gold witnessed a sharp rally as prices surged by $40 in Comex and ₹1,800 in MCX, primarily driven by the rapid escalation of the US-China tariff war. Reignited fears of a global slowdown, prompting a fresh wave of safe-haven buying in gold.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.