Gold rate today: Yellow metal slips below ₹91,000 per 10 gm on profit booking; Trump tariffs support safe-haven demand

Gold rate today: Gold prices on MCX gave up early gains to trade flat on Thursday, falling from record high levels on profit booking. The yellow metal prices slipped below ₹91,000 level on MCX.

International bullion prices also dipped as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's announcement of more aggressive-than-anticipated reciprocal tariffs against major trading partners.

At 2:50 PM, MCX gold rate was trading higher by ₹125, or 0.14%, at ₹90,853 per 10 grams. MCX silver rate was down by ₹2,144, or 2.15%, at ₹97,609 per kg.

On Thursday, MCX gold prices opened higher at ₹91,230 per 10 grams as against previous close of ₹90,728. MCX Silver prices opened lower at ₹99,658 per kg compared to previous close of ₹99,753. Gold prices hit a fresh high of ₹91,423 after opening.

In the international market, spot gold was down 0.4% at $3,122.1. Earlier in the session, bullion hit an all-time high of $3,167.57. US gold futures fell 0.7% to $3,145.00. Spot silver slipped 2.8% to $33.07 an ounce.

Trump Tariffs

Donald Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the US and higher duties on dozens of other countries, including some of the United States' biggest trading partners, deepening the global trade war.

Trump’s administration also confirmed that his 25% global car and truck tariffs will take effect as scheduled on April 3 and that duties on automotive parts imports will be launched on May 3, Reuters reported.

The dollar index and the US 10-year bond yields slipped to 5-1/2 month lows, supporting the gold prices.

Gold Price Outlook

Gold prices hit new life-time highs. Silver was also highly volatile during his tariff announcements but sell-off in the industrial metals and global equity markets unable to support silver prices, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

“Gold has support at $3,118 - 3,095 while resistance at $3,172 - 3,190. Silver has support at $33.30 - 33.10 while resistance is at $33.80 - 34.05,” Kalantri said.

On MCX, according to him, gold prices have support at ₹90,480 -9 0,250 while resistance at ₹91,080 - 91,390. Sliver has support at ₹99,050 - 98,450 while resistance at ₹1,01,000 - 1,01,740.

Meanwhile, the Indian stock market traded lower, with the benchmark Nifty 50 index falling below 23,300 level.

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