Gold prices on the Multi Commodity Exchange (MCX) moved up by nearly half a percent on April 3, mirroring gains in global bullion markets. The uptick came as investors appeared to flock towards safe-haven assets amid escalating fears of a broader global trade war.
MCX gold opened stronger at ₹91,230 per 10 grams, up from the previous close of ₹90,728. It later touched a fresh record of ₹91,423 in early trade. Around 9:10 AM, it was seen trading higher by ₹557, or 0.61%, at ₹91,285.
Silver, on the other hand, didn’t quite follow gold’s glittering path. MCX silver prices opened lower at ₹99,658 per kg, down from the previous close of ₹99,753. By 9:10 AM, it had dropped further to ₹98,192 — a fall of ₹1,561 or about 1.56%.
The price of gold in Kerala today is ₹8,929 per gram for 24 karat gold, ₹8,185 per gram for 22 karat gold and ₹6,697 per gram for 18 karat gold (also called 999 gold).
A lot of the buzz seems to stem from international cues. Global gold prices hit fresh highs as nervous investors turned to safer options. Spot gold rose 0.4% to $3,145.93 an ounce after briefly touching an all-time high of $3,167.57 earlier in the day. US gold futures were also a tad higher, up 0.1% at $3,170.70.
Silver, however, didn’t share gold’s moment in the sun. Spot silver slipped 1.2% to $33.61 an ounce.
The bigger story hovering over the markets is US President Donald Trump’s latest tariff announcement. On April 3, Trump declared a 10% baseline tariff on all imports to the US and hinted at steeper duties for several countries — some of whom are among the US’s top trading partners. That’s set alarm bells ringing in global trade circles.
The Trump administration also confirmed that the long-talked-about 25% tariff on cars and trucks would roll out on April 3. Duties on imported automotive parts are expected to follow from May 3, according to Reuters.
Another reason gold might be getting more attention is the US dollar’s recent weakness. The dollar index, along with the yield on 10-year US government bonds, slipped to five-and-a-half month lows. Generally, when the dollar takes a hit, gold tends to benefit.
While it’s still early to say how this will all unfold, the current signals suggest that investors are bracing for a bumpier road ahead. Gold is often seen as a hedge against uncertainty, and with global trade tensions bubbling again, it might explain why the yellow metal is catching fresh interest.
(By arrangement with Livemint.com)
