Gold Price Today: Yellow metal hits record high of ₹93,887 per 10 gram; How to place bullish bets on MCX?

Gold Price Today: The yellow metal hit back-to-back record highs on Friday, April 11, extending the rally driven by the bullion's safe-haven appeal amid concerns over an escalating trade war between the US and China. China retaliated by increasing its tariffs on US imports to 125 per cent after Donald Trump doubled down on the country by increasing tariffs to 145 per cent.

Back home, the June 5 gold futures contract last hit a new record high of ₹93,940 per 10 grams on the multi-commodity exchange (MCX). Gold futures traded 1.68 per cent higher at ₹93,579 per 10 gram on the exchange at the time of writing. MCX gold futures swung between ₹92,463 and ₹93,940 during the session so far, against a previous close of ₹92,033 per 10 grams.

Also Read: Gold rate today: Yellow metal prices on MCX jump to record high of ₹93,736 per 10 grams. Should you buy?

MCX Gold Futures Today

Gold prices on MCX opened higher on Friday, tracking a rally in international bullion prices that hit a record high. MCX gold rate opened higher at ₹92,463 per 10 grams as against its previous close of ₹92,033 and soon surged to a record high of ₹93,736 level. MCX silver prices opened at ₹92,000 per kg against its previous close of ₹91,595 on April 11.

Commodity experts are positive about gold's outlook amid persisting global uncertainty. Renisha Chainani, 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 Price Today: Yellow metal hits record high of ₹92,400 on MCX over safe-haven appeal; Profit booking eyed?

Gold in international markets

The precious metal blazed past the $3,200 mark on Friday, gaining over two per cent. A faltering US dollar and an escalating US-China trade war stirred recession fears, sending investors flocking to the safety of gold prices.

Spot gold was last up two per cent at $3,236.67 an ounce, after hitting a record high of $3,243.82 earlier in the session. Bullion is up over six per cent this week. US gold futures climbed 2.4 per cent to $3,253.20. The US dollar fell against its peers, making greenback-priced bullion cheaper for overseas buyers. 

Spot silver gained 2.7 per cent to $32.05 an ounce, while platinum added 0.2 per cent to $939.80. Palladium advanced 0.6 per cent to $913.65. Earlier, Spot gold jumped 1.7 per cent to $3,227.39 an ounce after hitting a record high of $3,237.56 earlier. US gold futures climbed over two per cent to $3,246.30. 

Spot gold has continued its blazing rally from last year, hitting multiple record highs and gaining nearly 21 per cent this year, driven by uncertainties, central bank demand and increased flows into gold-backed exchange-traded funds.

US producer prices fell 0.4 per cent in March, but import tariffs are expected to increase inflation in the coming months. Traders bet the US Fed will resume cutting rates in June and see around 90 basis points worth of cuts by the end of 2025. Non-yielding gold, a traditional hedge against global uncertainties and inflation, tends to thrive at low interest rates. 

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

How to place bullish bets on MCX gold futures?

Commenting on the yellow metal's outlook, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, “Gold extended its record-setting rally, soaring by ₹1,500 to hit fresh lifetime highs on MCX, defying rupee's strength as geopolitical tensions and tariff battles between China and US escalated.”

“The reciprocal tariff actions have injected fresh uncertainty into global trade flows, prompting increased hedge positions in safe-haven assets like gold. Despite domestic currency appreciation, the robust global cues and heightened economic concerns have kept sentiment strongly bullish for bullion,” said Trivedi.

"With momentum in favor of buyers, gold now eyes the resistance zone of ₹94,500– ₹95,000, while ₹92,000 serves as an important support. Ongoing developments in the tariff dispute and investor positioning ahead of key global economic data will continue to drive price action," added Trivedi.

Domestic brokerage Axis Securities recommends traders should buy MCX gold above ₹93,800 at a stop loss below ₹93,500 with a target price of ₹94,200/ ₹94,500. Nearby Support for MCX gold futures: ₹92,400/ 92,100/ 91,800; Nearby Resistance for MCX gold: ₹93,800/ 94,100/ 94,400.

"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 of Augmont. “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,” she added.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said, “Comex June gold futures settled at a record closing high of $3,177.5 per ounce, rising 3.19 per cent on Thursday, driven by a sharp decline in the US dollar index, which fell to a more than six-month low. Global gold ETF inflows rose for a fourth consecutive month in March, accompanied by central bank buying.”

"Risk-off sentiment gained momentum following the announcement of a 145 per cent tariff on Chinese imports, escalating trade tensions despite President Trump’s 90-day tariff pause for other countries. Geopolitical instability in the Middle East also supported the safe-haven demand for gold," said Chainwala.

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.