Waking up this morning to the news of gold prices hitting record highs might feel like deja vu, but it’s very real and deeply connected to what’s happening around the world. With the global economy facing fresh waves of uncertainty due to rising trade war tensions, investors are once again turning to the age-old comfort of gold. This safe-haven asset is making headlines, not just in India but globally.
MCX Gold Hits Record High, Silver Follows the Rally
On Friday, the MCX gold rate opened stronger, setting a new record. Gold prices on the Multi Commodity Exchange (MCX) kicked off the day at ₹92,463 per 10 grams, a clear jump from the previous close of ₹92,033. And that was just the beginning. Prices surged further to an all-time high of ₹93,736 per 10 grams. Silver wasn’t left behind either, opening at ₹92,000 per kg compared to its previous close of ₹91,595.
By 9:10 AM, gold was trading at ₹93,518 up ₹1,485 or 1.61%. Meanwhile, silver rose by ₹755 or 0.82%, climbing to ₹92,350 per kg. The upward trend reflected not just local buying patterns but was in line with a rally in international bullion prices.
Global Gold Prices Breach $3,200 for the First Time
In the international market, gold broke past the psychological $3,200 per ounce level for the first time. Spot gold climbed by 1.3% to reach $3,216.48 an ounce, having earlier peaked at an astonishing $3,219.73. For the week, gold gained over 5%, underlining a powerful upward momentum. U.S. gold futures weren’t far behind, rising 1.9% to hit $3,236.00.
What’s Fueling the Surge in Gold?
The reasons for this rally are deeply rooted in fear and financial strategy. With trade wars flaring up again, investors are turning their backs on riskier assets. A weakening dollar is also playing a key role. When the dollar loses strength, gold becomes cheaper for buyers using other currencies, increasing its global demand.
Expert Insights: Gold May Touch ₹95,000, But Caution Is Key
Ajay Kedia, Director of Kedia Advisory, explained that this surge is also being fueled by technical factors. “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,” he noted. He added that the gold-to-silver ratio rising above 102 is another signal that gold is the more favored choice right now.
Kedia also shared his forecasts, saying that international gold prices could move towards $3,320, while the MCX gold price may hit ₹95,000 per 10 grams. However, he urged investors to remain cautious. “Support is seen at ₹90,000 level, while resistance is at ₹95,000 level on MCX,” he advised, highlighting the volatility that still looms large in the global market.
A Golden Reminder in Uncertain Times
As always, these price movements reflect the larger emotional and financial uncertainty in the world. In times of crisis, gold continues to shine both literally and figuratively, offering a sense of security in an otherwise unpredictable environment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a certified financial advisor before making any investment decisions.
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