Gold prices jumped on Wednesday by Rs 170 to Rs 85,824 per 10 grams in futures trade on the multi-commodity exchange. The gold contracts traded 0.13% higher for April delivery.
The yellow metal has been surging to record highs of late and breached a fresh record on Monday before booking some profit booking amid uncertainty and safe haven buying.
Globally, Gold prices held steady on Wednesday following a 2% decline in the previous session, while attention was on US President Donald Trump’s tariff plans which have raised concerns about a trade war.
Spot gold was little changed at $2,916.63 an ounce, by 09:10 GMT, after hitting an over-one-week-low on Tuesday. Trump’s trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.
Meanwhile, Silver March futures contracts also gained 438 points higher today. The prices were at 94,291 in the evening trade on MCX. The exchange was closed for the first half due to Mahashivratri.
The global uncertainty due to Trump’s tariffs has been driving gold prices higher.Going forward, market participants are now focused on the upcoming PCE Price Index, which could act as the next major trigger, alongside ongoing developments in Trump’s tariff policies.Gold price resistance and support zones
“Gold has support at Rs 85,500-85,200 and resistance at Rs 86,450-86,600,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 8065 per gram while pure gold (24 carat) prices stand at Rs 8,797 per gram.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 8050 per gram while pure gold (24 carat) prices stand at Rs 8782 per gram.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 8050 per gram while pure gold (24 carat) prices stand at Rs 8782 per gram.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)