Gold rates in India stayed at their record high levels this week, touching their second consecutive weekly gain. Haven demand has been at its peak due to market volatility, global uncertainties, and trade war tensions. During the coming week, MCX gold price is expected to touch a new record high and near Rs 98,000 per 10 grams, while MCX silver price could range between Rs 92,500 to Rs 98,600 per 1kg. Year-to-date, gold prices rose by nearly 28%.
24K gold price is at Rs 97,580 per 10 grams, while 22K and 18k gold prices are at Rs 89,450 per 10 grams and Rs 73,190 per 10 grams respectively.
Gold prices are unchanged for two consecutive days between April 19 to April 20th. Last week, on April 18, 24K gold price jumped by Rs 270 in 10 grams, followed by a strong surge of Rs 1,140 on April 17, and up by Rs 990 on April 16. Gold prices rose to a record high after falling by Rs 330 and Rs 160 on April 15 and April 14th.
Nonetheless, gold prices have climbed by more than 5% in April month so far.
MCX Gold, Silver Prices:
Meanwhile, MCX gold price with June 2025 expiry, ended at Rs 95239 per 10 grams, down by 0.44% on April 17th, after hitting a new all-time high of Rs 95935 per 10 grams on that same day.
On the other hand, MCX silver price ended at Rs 95,001 per 1kg, down marginally on April 17th. However, notably, MCX silver price has corrected sharply last week.
Spot Gold Price:
As per Trading Economics data, gold fell below $3,330 per ounce on Thursday, as investors took profits after the bullion reached a record high earlier in the session, driven by demand for safe-haven assets amid continued uncertainty in US trade policy.
Trading Economics data added, market focus has been on the ever-shifting tariff headlines with the Trump administration pursuing potential tariffs on semiconductor and pharmaceutical imports by initiating trade probes, shortly after signaling a possible delay to existing auto tariffs and suspending levies on some tech products from reciprocal duties. Meanwhile, Fed Chair Jerome Powell said on Wednesday the US central bank will wait for greater clarity before adjusting interest rates as he expects Trump's tariffs to generate higher inflation and slower growth. Elsewhere, investors are closely watching prospects for US-China trade negotiations, after China expressed its willingness to resume trade talks, but under certain conditions.
MCX and global markets were closed on April 18th due to Good Friday.
Gold Price In India Weekly Outlook:
According to SMC Global Securities' weekly outlook report, bullion prices logged second consecutive gain as gold surged to a fresh all-time high, driven by rising market volatility following Fed Chair Jerome Powell's cautionary comments on the trade war. Gold jumped 3.5% on Wednesday-its biggest one-day gain since March 2023-as the U.S. dollar sank to a six-month low.
It cited Powell dampened hopes of an immediate Fed intervention, saying, "We don't know that yet," when asked if the central bank would act to stabilize markets. His remarks signaled the Fed remains cautious on adjusting policy amid uncertainty around Washington's tariff moves. Meanwhile, the U.S. and Japan began formal trade negotiations. Although there was no immediate breakthrough on halting tariffs, both sides plan further discussions during the 90-day grace period. President Trump called the talks "big progress."
Furthermore, the brokerage highlighted that gold has now rallied nearly 28% year-to-date, surpassing its 27% gain in 2024, as fears of a global recession mount amid the intensifying U.S.-China trade conflict. The Trump administration is pushing allies to reduce trade with China, while Beijing stays defiant. President Xi Jinping, touring Southeast Asia, urged resistance to "hegemony and power politics," according to Xinhua.
Looking ahead, SMC's note said, financial markets expect the U.S central bank to resume cutting interest rates in Jun after pausing in January, and reduce its policy rates by 100 basis points this year. On the Comex, gold is hovering near $3,340, with resistance expected at $3,420 and support at $3,250. Silver may trade between $30.60 and $34.90. Domestically, gold on MCX is likely to move in the range of Rs. 92,000-Rs. 97,500, while silver could trade between Rs. 92,500 and Rs. 98,600.
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