MCX Gold Price Cautious Ahead Of Trump's Liberation Day; Is Record Rally Party Over In Yellow Metal?

Gold prices in India witnessed a correction in their record rally party on Wednesday, as investors braced for Donald Trump and his significant tariff announcement ahead of the day. Nonetheless, gold prices globally continued to trade near their record levels. MCX gold price still traded near Rs 91,000 per 10 grams mark, while 24K gold prices were unchanged. Comex gold traded around $3,130 an ounce. Is the rally party over in gold?

MCX Gold, Silver Prices:

MCX gold price, with June 2025 expiry, is at Rs 90,793 per 10 grams, down by Rs 82 or 0.09%. In the early trade, the bullion touched its intraday high of Rs 91,232 per 10 grams. However, gold touched a new all-time high of Rs 91,400 per 10 grams yesterday.

On the other hand, MCX's silver price with its May 2025 expiry traded at Rs 99,619 per 1kg, up by Rs 158 or 0.16%. In the early trade, MCX gold did touch an intraday high of Rs 1,00,002 per 1kg, however, it was a couple of thousands away from a new all-time high of Rs 1,04,072 per 1kg.

Gold Prices In India:

Currently, the 24K gold price is at Rs 92,840 per 10 grams, while 22K and 18K gold prices are at Rs 85,100 and Rs 69,630 per 10 grams, respectively. The price of 1 gram of gold in India is Rs 9,284 per gram for 24-karat gold, Rs 8,510 per gram for 22-karat gold and at Rs 6,963 per gram for 18-karat gold (also called 999 gold).

Silver Prices In India:

Meanwhile, 1Kg silver price in India is at Rs 105,000 on Wednesday, while 1 gram of silver is priced at Rs 105.

What Is Impacting Gold Prices Today?

On gold's record high performance, Manav Modi, senior analyst of commodity research at Motilal Oswal Financial Services said, "Gold price continues to advance, hovering around all-time highs, as anxious investors flocked to the safe-haven metal, bracing for announcements on U.S. reciprocal tariffs that could escalate the global trade war."

Modi added, suspense hangs over market as uncertainty is looming large over the details of the U.S. tariffs slated for imposition later in the day, which Trump has dubbed "Liberation Day." The White House confirmed new tariffs will be imposed, though it provided no details on the size or scope. Trump's tariff policies could ratchet up inflation, potentially putting the brakes on economic growth and escalating trade disputes.

He further said, "Disappointing new U.S. jobs data and a weak manufacturing report highlight an emerging concern among Federal Reserve officials that employment could slip. Investors are also awaiting ADP employment report due later in the day, and non-farm payrolls report on Friday that could provide insights into the Fed's future path for interest rate cuts. As market remains cautious ahead of the Liberation day announcement, Dollar index also becomes steady once again hovering ~104."

The trend score in gold is still bullish.

Should You Buy Gold, Silver?

In its technical report dated April 2, Nirmal Bang said, "Gold prices are expected to witness profit booking. Traders can sell at 91250 with a stop loss of 91550 for the target at 90900-90600."

For silver, the brokerage added, silver prices are expected to pullback. One can buy at 998000 with a stop loss of 99000 for the target at 100700101200. Caution below 99000 in long positions.

The USA's 47th President has declared April 2nd as Liberation Day, stating that the tariffs he will impose on foreign products, will free the reliance of the USA on foreign companies. Trump's administration's agenda has been MAGA which means 'Make America Great Again'.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.