The market has recently faced major turmoil as gold prices touched an all-time high on Thursday, April 3, 2025. The metal settled at Rs 91,423 per 10 grams after rising by approximately 0.72 percent. Meanwhile, silver dropped around 1.38 percent and closed at Rs 99,658 per kg on the Multi Commodity Exchange, which is shortly known as (MCX).
This surge in gold prices has been reported after US President Donald Trump imposed heavy tariffs, which gradually increased global trade tensions. Considering it a smart move, investors have considered this increase as a safe-haven asset.
Trump and the new Trade War -
On Wednesday, April 2, President Trump announced a 10 percent tariff on all US imports. Along with this, he announced that multiple countries would face higher duties - which has increased the intensity of the trade war. Upon this announcement, the global market has faced a major shift.
It is anticipated that gold demand may be boosted in the future because the newly launched (US) policies might result in economic growth for the US and inflation in fuel prices.
Financial Market Analyst at Captial.com, Kyle Rodda, said, “Tariffs are adding to gold’s appeal by increasing the likelihood of economic slowdown and potential rate cuts in the US.”
Amid this turmoil, the Indian market has shown a mixed trend.
Here are the support and resistance levels for both metals -
Gold (MCX): Support at Rs 90,300 to Rs 89,900 - resistance at Rs 91,220 to Rs 91,500.
Gold (Global): Support at $3,144 to $3,122 - resistance at $3,188 to $3,210
Silver (MCX): Support at Rs 98,800 to Rs 97,750 - resistance at Rs 1,00,500 to Rs 1,01,650
Silver (Gold): Support at $34.20 to $33.74 - resistance at $35.00 to $35.50
As of April 3, 2025, the Gold prices in the major Indian cities were as follows:
Chandigarh: Rs 91,340 for 24K, and Rs 83,740 for 22K
Delhi: Rs 9,298 for 24K, and Rs 8,524 for 22K
Mumbai: Rs 9,283 for 24K, and Rs 8,509 for 22K
Chennai: Rs 9,284 for 24K, and Rs 8,509 for 22K
Kolkata: Rs 9,283 for 24K, and Rs 8,509 for 22K
Bangalore: Rs 9,283 for 24K, and Rs 8,509 for 22K