Gold prices on MCX opened higher on Friday, tracking a rally in international bullion prices that reached record high level amid safe-have buying on escalating global trade war tensions.
MCX gold rate opened higher at ₹92,463 per 10 grams as against its previous close of ₹92,033, and surged to a record high of ₹93,736 level. MCX Silver prices opened at ₹92,000 per kg as against its previous close of ₹91,595.
Safe-haven gold gained nearly 2% and surpassed the key $3,200 mark on Friday, spurred by a weaker dollar and recession concerns due to an intensifying trade war between U.S. and China.
Spot gold jumped 1.7% to $3,227.39 an ounce, as of 1020 GMT, after hitting a record high of $3,237.56 earlier in the session. Bullion is up over 6% so far this week.
U.S. gold futures climbed over 2% to $3,246.30. Spot gold has continued its blazing rally from the last year, hitting multiple record highs and gaining nearly 21% so far this year driven by uncertainties, central bank demand and increased flows into gold-backed exchange-traded funds.
Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.
Spot silver gained 0.8% to $31.46 an ounce, while platinum added 0.3% to $940.45. Palladium jumped 2.05% to $927.29.
Commenting on the yellow metals’ outlook, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold extended its record-setting rally, soaring by ₹1,500 to hit fresh lifetime highs near ₹93,500 on MCX, defying rupee strength as geopolitical tensions and tariff battles between the US and China escalated further.
The reciprocal tariff actions have injected fresh uncertainty into global trade flows, prompting increased hedge positions in safe-haven assets like gold. Despite domestic currency appreciation, the robust global cues and heightened economic concerns have kept sentiment strongly bullish for bullion.
“With momentum in favor of buyers, gold now eyes the resistance zone of ₹94,500– ₹95,000, while ₹92,000 serves as an important support. Ongoing developments in the tariff dispute and investor positioning ahead of key global economic data will continue to drive price action,” said Trivedi.
