Gold rate today: Yellow metal rises above 88,000 per 10 grams; Silver rate jumps 2% as global stock markets crash

Gold prices on Multi Commodity Exchange (MCX) rose on Monday, amid safe-haven demand, as global equity markets crashed. Silver prices also jumped 2%.

On MCX, gold rate traded higher by ₹301, or 0.34% at ₹88,376.00, while silver prices rallied by ₹1,487, or 1.71% to ₹88,698 per kg.

In the international markets, gold rates hit their lowest levels in more than three weeks, as a wider market sell-off triggered by US President Donald Trump’s tariff measures impacted bullion traders, Reuters reported.

Spot gold fell 1.9% at $2,981.09 an ounce, its lowest level since March 13. Bullion hit a record high of $3,167.57 on April 3. US gold futures fell 1.3% to $2,997.40. Spot silver plunged 2.8% to $28.74 an ounce, marking its lowest level in nearly seven months.

Meanwhile, the dollar index, which measures the US currency against six rivals, was little changed at 102.81, having tumbled 1% last week.

Why are gold prices falling?

Gold and silver prices witnessed heightened volatility last week, declining sharply in response to the United States imposing reciprocal trade tariffs on key trading partners. In retaliation, China announced a 34% tariff on US imports, intensifying global trade tensions.

Further dampening market sentiment were dovish remarks from the US Federal Reserve Chairman Jerome Powell, coupled with a weaker-than-expected US non-farm payroll report for March, which added to the bearish momentum in precious metals.

Gold Price Outlook

Rahul Kalantri, VP Commodities, Mehta Equities Ltd. said that the elevated volatility across financial markets is expected to persist.

“Gold has support at $3,000 - 2,978 while resistance at $3,055 - 3,075. Silver has support at $29.48 - 29.20 while resistance is at $30.10 - 30.46. In INR gold has support at ₹87,760 - 87,350 while resistance at ₹88,610 - 89,190. Sliver has support at ₹86,600 - 85,650 while resistance at ₹89,500 - 90,950,” said Kalantri.

Stock Market Crashes

The Indian stock market crashed on Monday, mirroring similar trends in global markets amid mounting fears of recession over the impact of a global trade war triggered by US President Donald Trump's reciprocal tariffs.

The Sensex crashed as much as 4,000 points, while the Nifty 50 dropped below 21,800 in early deals.

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