Gold Price At New High After Trump's Reciprocal Tariff, Rs 8,577 Away From Rs 1,00,000; Should You Buy Gold?

Gold Prices In India: Donald Trump's reciprocal tariffs are finally announced and in place, creating turmoil in the global market, uncertainties in economies and trade war tensions. All of these factors are a sweet symphony for gold prices that extended its gains to hit fresh new all-time highs. MCX gold touched a record Rs 91423 per 10 grams, while 24K gold price hit a fresh lifetime high of Rs 93,380 per 10 grams. With gold already so expensive compared to other investment assets, should investors still buy yellow metal?

MCX Gold, Silver Prices:

MCX Gold, with a June 2025 expiry, traded at Rs 90,782 per 10 grams, up by Rs 54 or 0.06%. In the early trade, the bullion touched its new all-time high of Rs 91,423 per 10 grams.

From the current peak, MCX gold is now merely Rs 8,577 away from touching the Rs 1,00,000 per 10 grams mark which is a highly anticipated target for FY26.

On the other hand, silver prices plunged sharply and erased the Rs 1,00,000 mark. At the time of writing, MCX silver, with a May 2025 expiry, dropped by Rs 2,133 or 2.14% to trade at Rs 97,620 per 1kg, which was near its intraday low of Rs 97,184 per 1kg.

Gold Prices In India:

10 grams of gold is at new highs to Rs 93,380 in 24K, at Rs 85,600 in 22K, and at Rs 70,040 in 18k. The price of 1 gram of gold in India is Rs 9,338 per gram for 24-karat gold, Rs 8,560 for 22-karat gold and Rs 7,004 per gram for 18-karat gold (also called 999 gold).

Silver Prices In India:

1Kg silver price at retail stores in India plunged by Rs 2,000 to Rs 1,03,000. While 1 gram of silver is at Rs 103.

Spot Gold:

As per Trading Economics, spot gold rose to $3,164 per ounce, a new record high as risk aversion increased following President Trump's tariff announcement. Trump outlined a 10% baseline tariff on imports from all countries, with higher rates for nations with trade surpluses, including China (34%), the EU (20%), and Japan (24%), and a 25% tariff on foreign-made automobiles. He presented a chart comparing the tariffs these countries impose on U.S. imports, with reciprocal tariffs set to take effect. Trump claimed the measures would boost domestic manufacturing and reduce trade deficits.

Trading Economics data added that gold was supported by expectations of rate cuts, central bank buying, and strong demand for gold-backed ETFs, with China's ETF adding 233,000 ounces. Weak U.S. jobs data and a disappointing manufacturing report have shifted investor focus to Friday's nonfarm payrolls for further insight into the Fed's policy outlook.

What Are the Next Levels For Gold and silver?

Rahul Kalantri, VP of Commodities, Mehta Equities said gold and silver prices showed very high price volatility in the international markets after U.S. President Donald Trump announced sweeping new global tariffs on Wednesday late night, in a move that roiled equity markets and sent gold and silver prices to session highs. The dollar index and the U.S. 10-year bond yields slipped to 5-1/2 month lows. Gold prices hit new lifetime highs. Silver was also highly volatile during his tariff announcements but sell-off in the industrial metals and global equity markets was unable to support silver prices.

Kalantri added that gold has support at $3118-3095 while resistance is at $3172-3190. Silver has support at $33.30-33.10 while resistance is at $33.80-34.05. In INR gold has support at Rs 90,480-90,250 while resistance at Rs 91,080-91,390. Silver has support at Rs 99,050-98,450 while resistance at Rs 1,01,000-1,01,740.

Should You Buy Gold, or Silver?

In its latest technical report dated April 3, Nirmal Bang said, gold prices are expected to rise. One can buy at 90900 with a stop loss of 90600 for the target at 91250-91500.

On silver, the brokerage added, silver prices are expected to correct. One can sell at 99700 with a stop loss of 100500 for the target at 99000-98200.

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.