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

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.”

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

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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Misha Bhatia