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

Gold prices on MCX opened higher on Friday, tracking a rally in international bullion prices that reached record high level amid safe-have buying on escalating global trade war tensions.

MCX gold rate opened higher at ₹92,463 per 10 grams as against its previous close of ₹92,033, and surged to a record high of ₹93,736 level. MCX Silver prices opened at ₹92,000 per kg as against its previous close of ₹91,595.

At 12:10 PM, mcx gold price was trading higher by ₹1,221.00, or 1.33% at ₹93,254, while MCX silver prices were trading higher by ₹793, or 0.87%, at ₹92,388 per kg.

In the international market, gold prices breached the key $3,200 per ounce level for the first time to scale a new peak on Friday.

Spot gold prices rose 1.3% at $3,216.48 an ounce. Bullion scaled an all-time peak of $3,219.73 earlier in the session, gaining over 5% for the week. US gold futures gained 1.9% to $3,236.00.

“Gold prices have given a breakout on the upside amid ongoing concerns over the tariff war. We are also seeing strong short-coverings in the yellow metal. Gold-silver ratio has also risen above 102 level, indicating that traders are preferring gold. However, it is advised to remain cautious amid the global market volatility,” said Ajay Kedia, Director, Kedia Advisory.

Weaker dollar, making greenback-priced bullion cheaper for overseas buyers, and rising trade war worries sent investors rushing toward safe-haven assets such as gold.

US President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries. China has been matching each of Trump's tariff hikes with increases of its own, sparking fears that Beijing could push tariffs on the US beyond the current 84%, Reuters reported.

Gold Price Outlook

According to Ajay Kedia, the target for international gold prices is $3,320, while MCX gold price target is ₹95,000 per 10 grams.

“Gold prices may find support at ₹90,000 level, while resistance is seen at ₹95,000 level on MCX,” Kedia said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.