Gold Hits ₹92,400 On MCX; Profit Booking Ahead?

Gold prices reached a new record high of ₹92,400 per 10 grams on April 10 in India’s futures market (MCX). This sharp rise came as investors rushed to gold for safety due to growing fears of a trade war between the US and China.

The tension increased after US President Donald Trump announced a 90-day pause on tariffs but raised duties on Chinese goods to 145%. This uncertainty made investors nervous and pushed them toward gold, which is considered a safe investment in tough times.

Gold futures for June 5 surged over 2.47% on the MCX. Prices ranged from ₹90,911 to ₹92,400 during the session, compared to the previous close of ₹89,804.

In global markets, spot gold also hit a record high of $3,171.49 an ounce before settling at $3,168.26. US gold futures jumped 3.5% to $3,185.50. However, other precious metals like silver, platinum, and palladium saw slight declines.

This year, gold prices have gone up by more than 20%. The increase is also supported by hopes of interest rate cuts from the US Federal Reserve and continued gold buying by central banks. Lower interest rates are good for gold since it doesn’t earn interest.

Market experts say the outlook for gold remains positive due to global uncertainties. They advise investors to buy gold on price dips, as more volatility and possible economic slowdown could push gold prices even higher.

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