Gold rate today: Yellow metal hits new high, climbs 95K peak on MCX; silver rate today up 2%

Gold prices hit a record high on Multi Commodity Exchange of India (MCX) on Wednesday tracking a rally in international bullion prices, lifted by safe-haven demand amid escalating trade tensions and concerns over global economic growth.

MCX gold rate surpassed ₹95,000 level on April 16 after opening higher at ₹94,573 as against its previous close of ₹93,451. Gold price jumped as much as by ₹1,984, or 2.12%, to hit a record high of ₹95,435 per 10 grams.

At 1:35 PM, gold rate was trading higher by ₹1,936, or 2.07%, at ₹95,387 per 10 grams on MCX. Silver price was trading higher by ₹2,066, or 2.18%, at ₹96.840 per kg on MCX.

MCX gold rate has more than doubled in the past four years. The yellow metal was trading around ₹47,000 per 10 grams level in May 2021.

International gold prices scaled a record peak as a weaker dollar, escalating trade fuelled safe-haven demand. Spot gold rose 1.9% to $3,287.79 an ounce. It hit an all-time high of $3,294.99 per ounce earlier in the session. US gold futures gained nearly 2% to $3,304.20.

The US dollar index eased 0.7% against its rivals, making gold more attractive for other currency holders.

“Gold has decisively broken above key resistance levels, surpassing the key $3,200 per ounce level which signals strong bullish momentum. It is likely to head higher towards $3,280 - $3,320 per ounce zone as the next potential target area,” said Sugandha Sachdeva, Founder of SS WealthStreet.

On the domestic front, breaching the previous ₹91,500 per 10 gm resistance suggests a path towards the ₹95,000 - ₹95,500 per 10 gm zone in the near term, Sachdeva added.

Investment demand also continues to strengthen, with data from the World Gold Council showing that Chinese gold ETFs recorded robust inflows, rising by 29.1 metric tons in the first 11 days of April alone. This figure has already surpassed total Q1 inflows and is outpacing flows into US-listed gold funds

Gold, traditionally viewed as a safe-haven investment during times of geopolitical and economic uncertainties, hit multiple record highs this year, gaining over 25%.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.