Gold Resumes Bullish Momentum After US Auto Tariffs, Hits Rs 91,000 In India: Where Is It Headed?
In the international market, spot gold climbed by $34.77 or 1.15 per cent to trade near a record high of $3,054.05 per ounce.
Even as Donald Trump has imposed a 25 per cent tariff on all US auto and auto parts imports, gold prices have surged as the tariff announcement has caused global trade tensions. In India, the yellow metal prices jumped Rs 365 to Rs 91,050 per 10 grams in the national capital on Thursday in line with the global trend.
The precious metal of 99.9 per cent purity had closed at Rs 90,685 per 10 grams on Wednesday.
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Gold of 99.5 per cent purity also rose by Rs 365 to Rs 90,600 per 10 grams on Thursday against the previous close of Rs 90,235 per 10 grams, according to the All India Sarafa Association.
In the international market, spot gold climbed by $34.77 or 1.15 per cent to trade near a record high of $3,054.05 per ounce. Comex gold futures for April delivery in the Asian market hours rose to hit a fresh peak of USD 3,094.85 per ounce.
“Gold prices rebound due to rising global trade concerns caused by US auto tariffs. US President Donald Trump announced a 25 per cent tariff on imported vehicles and light trucks beginning next week, escalating the global trade war. The deadline for retaliatory duties from the world’s largest economy is April 2," Renisha Chainani, head of research at Augmont, said.
Silver prices also went up by Rs 200 to Rs 1,01,700 per kg. It had ended at Rs 1,01,500 per kg on Wednesday.
“New threats from the US towards the Eurozone over potential support for Canada have heightened market risks, further boosting safe-haven demand," Jateen Trivedi, vice-president and research analyst (commodity and currency) at LKP Securities, said.
He also said Gold prices surged near $3,050 in Comex as expectations of lower US GDP data and the anticipated reciprocal tariffs from the US on April 2, 2025, fuelled uncertainty.
Gold Price On MCX
Meanwhile, gold futures for April delivery surged by Rs 828 or 0.94 per cent to trade near a record high of Rs 88,466 per 10 grams on the Multi Commodity Exchange (MCX).
On March 20, the yellow metal prices rose to hit a lifetime high of Rs 89,796 per 10 grams.
“With rising uncertainty, the price range has shifted higher to Rs 87,000-Rs 89,250," Trivedi said.
What Are The Support And Resistance Levels Of Gold?
According to Augmont, gold has strong support at $3,010 (nearly Rs 87,200), if prices fall below this level, we could see further retracement and profit-booking in prices up to $2,985 (Rs 86,500). While if prices sustain above $3,040 (Rs 88,200), they can again head higher towards $3,080 (about Rs 90,000).
Silver is trading in a range of $33 (nearly Rs 97,000) to $35 (around Rs 1,02,000) from the last few days. Buy on dips and sell on rallies should be the strategy used, it added.
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