Gold rates hit a record high of ₹1,02,191 per 10 grams in the domestic futures market August 8 morning as the initial 25 per cent tariffs levied by US President Donald Trump came into effect and trade talks between India and the US were suspended, boosting gold’s safe haven demand.
The dollar's weakness also supported gold prices as the greenback fell almost half a per cent to 97.96 during the session, making gold cheaper in other currencies. MCX Gold October 3 contracts traded 0.68 per cent higher at ₹1,02,159 per 10 grams, while MCX Silver September 5 contracts were up 0.54 per cent at ₹1,14,904 per kg around 1:15 AM.
Globally, Comex gold futures for December delivery fell 0.07 per cent to USD 3,393.97 per ounce in New York.
India and Brazil are facing the highest tariffs of 50 per cent levied by the US, while duties imposed by the world’s largest economy on several other countries also came into effect on Thursday.
Also Read: Gold rises by ₹200 again; silver climbs ₹500
Trump has been especially critical of India for buying Russian energy and arms, and declared all trade talks with India on hold until ongoing tariff dispute is resolved.
The 50 per cent tariff imposed on Indian imports, say experts, can set back India’s GDP growth by 0.3 per cent to 0.6 per cent.
Meanwhile, there were media reports that the US had imposed tariffs on imports of 1-kilogram gold bars, which also led to a rally in the yellow metal.
The news dealt another trade blow to Switzerland, the world’s biggest gold-refining hub.
Analysts expect the gold and silver prices to may remain volatile in today’s session as US tariffs-related uncertainty and volatility in the dollar index will be in focus.
Commodity experts expects gold to test ₹1,03,000 per 10 grams in today's session.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,364-3,345 and resistance at $3,410-3,425, while silver has support at $37.85-37.65 and resistance at $38.34-38.55.
In INR, Kalantri said gold has support at ₹1,01,050-1,00,650 while resistance is at ₹1,01,750-1,01,980. Silver has support at ₹1,13,680-1,12,850 while resistance at ₹1,15,000-1,15,700.
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