The yellow metal prices continued their winning ways on Monday, as the MCX June gold contracts hit a fresh lifetime of Rs 97,288 gram.
Around 6:45 pm today, MCX gold rate for 10 grams stood at Rs 97,200, a surge of Rs 1,946 or 2.04% over the last trading price on Thursday. Markets were closed on Friday on account of Good Friday.
Gold prices have surged over 26% or by Rs 20,800 per 10 gram in 2025, so far.
Anuj Gupta, Head Commodity & Currency at HDFC Securities also corroborated the development about the yellow metal’s feat, saying that the price in Delhi-NCR is now around Rs 1,00,120 per 10 gram inclusing the 3% GST.
The domestic prices tracked gains in the international market as the COMEX gold hovered near $3,407.30, per troy ounce, jumping by $78.90 or 2.37%. Gold bulls have been unleashed owing to weakness in the dollar index (DXY) which has now slipped the 99 mark against a basket of six top currencies. DXY has fallen nearly 6% in the past one month, extending declines to more than 10% over a 3-month period. Gold prices remain inversely related to the movement of the dollar index and are used as hedges in times of uncertainties just like the dollar. Investors and global Central Banks have preferred gold over greenback amid President Donald Trump’s tariff policies as he has been at war with the world, antagonising even its traditional allies.
While reciprocal tariffs have been deferred by three months for the rest of the world, China still remains under the hammer. The dragon nation has retaliated with its own set of tariffs and measures, stoking fear of a global slowdown. This has raised safe haven appeal in the yellow metal.
“Concerns over global economic growth as a result of the escalating Sino-US trade war are driving the rise, with a weaker dollar adding to the momentum,” Renisha Chainani, Head – Research at Augmont said.
“Fundamentally, markets are pricing in increased geopolitical risks, fueled by U.S. trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures. On April 2, US President Donald Trump imposed reciprocal tariffs on dozens of countries, and while his administration has suspended duties for some, it has escalated its trade war with China,” he said.
