Gold Prices Hit Record ₹93,736 on MCX, Global Rates Cross $3,200/Oz: Should You Buy Now?

MCX gold prices surge over ₹1,700 in a day to touch lifetime highs amid global trade tensions, a weak dollar, and rising safe-haven demand. Analysts see more upside—but with caution.

Mumbai, April 11 – Gold continued its meteoric rise on Friday, hitting a record high of ₹93,736 per 10 grams on MCX, as international prices breached the $3,200 per ounce mark for the first time ever. The yellow metal has now gained over 5% this week amid escalating US-China trade tensions, a weaker dollar, and a global flight to safety.

Also Read: Asian Markets Reel Under US-China Tariff Heat; Japan’s Nikkei Crashes Over 5%

MCX gold futures opened at ₹92,463, sharply higher than Thursday’s close of ₹92,033, and surged to a new all-time high of ₹93,736. By 9:10 AM, gold was trading at ₹93,518, up ₹1,485 or 1.61%. Silver also followed suit, with prices rising ₹755 to ₹92,350 per kg.

Also Read: Sensex Soars Over 1,100 Points, Nifty Nears 22,800: 5 Key Reasons Behind Today’s Stock Market Rally

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Global Gold Rally Hits New Peak

In the international market, spot gold rose 1.3% to $3,216.48/oz, after touching an intraday high of $3,219.73. US gold futures also jumped 1.9% to $3,236.00.

According to Ajay Kedia, Director at Kedia Advisory,

“Gold prices have broken out on the upside amid heightened trade war fears and strong short-covering. The gold-silver ratio crossing 102 also indicates traders are favoring gold.”

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Why Gold Is Rallying

• US-China Tariff Tensions: President Donald Trump increased tariffs on Chinese goods to 145%, though pausing new tariffs on other nations for 90 days.
• Safe-Haven Rush: Ongoing uncertainty has driven investors toward traditional safe-havens like gold.
• Weak Dollar: The US dollar has fallen sharply against safe-haven currencies like the Swiss franc and Japanese yen, making dollar-denominated bullion cheaper for foreign buyers.

Also Read: Rupee Surges 51 Paise to 86.17 vs USD on Trump Tariff Pause, Weaker Dollar

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Should You Buy Gold Now?

Ajay Kedia believes there may be further upside in gold, but urges caution due to heightened volatility.

• Support on MCX: ₹90,000 per 10 grams
• Resistance: ₹95,000 per 10 grams
• Target: ₹95,000 in the short term
• International target: $3,320/oz

“Momentum is strong, but investors should watch for any reversal signals as markets remain sensitive to global headlines,” Kedia said.

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