Gold price today: MCX gold rate jumps over ₹2000/10 gm as Trump’s tariffs fuel recession fear, safe-haven demand

Gold rate today: Following US President Donald Trump's tariff flair fueling the recession buzz, gold prices witnessed strong buying interest on Wednesday. MCX gold rate opened with an upside gap at ₹87,998 per 10 gm and touched an intraday high of ₹89,662 per 10 gm, logging an intraday gain of over ₹2000 per 10 gm during the intraday session. In the international market, COMEX gold price extended Tuesday's gains and quoted around $3,060 per troy ounce, while spot gold price quoted $3,044 per ounce, logging around 2.45% gain against the previous session.

Gold rate today: Recession fears in focus

Speaking on the reasons fueling gold prices today, Anuj Gupta, Head—Commodity & Currency at HDFC Securities, said, "Gold prices are on an uptrend today as the escalating trade war tension between the US and China has economic recession fears. As gold is considered a safe bet in economic uncertainty, people are betting high on the yellow metal.

Anuj Gupta of HDFC Securities said that gold prices are expected to remain in a bull trend. The weak US dollar rate also supports safe-haven demand for the precious yellow metal.

Jateen Trivedi, VP of Research — Commodity and Currency at LKP Securities, said, “The key driver remained tariff tensions, as China’s aggressive stance to “fight till the end” against US trade measures reignited safe-haven demand. In Comex, gold rebounded strongly from the $2,970 support zone, climbing toward $3,010 as traders brace for volatility ahead of the crucial US CPI data due this week. The inflation data will further clarify the US Fed’s policy path, with potential implications on gold’s trajectory. The expected price range remains between ₹86,000 and ₹90,000 in MCX.”

US Fed rate cut buzz

Pointing towards the US Fed rate cut buzz, Lukman Otunuga, Senior Research Analyst at FXTM, said, “Despite falling for three consecutive sessions, gold remains bullish with trade tensions and the prospect of lower U.S. interest rates boosting its allure.”

"A solid breakout above $3,055 may open the doors back toward $3,100 and $3,130. Sustained weakness below $3,000 could see gold slip toward $2,950 and $2,930."

Trump's tariff

Concerns over a global trade war since U.S. President Donald Trump's announcement of reciprocal tariffs on April 2 have raised fears of a recession and prompted investors to take refuge in safe-haven assets like gold.

A White House official said the US will impose a 104% tariff on China from 12:01 a.m. ET on Wednesday after Beijing did not lift its retaliatory tariffs on US goods by a noon Tuesday deadline set by US President Donald Trump.

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