Gold costs hit report excessive for third straight day on MCX; spot gold tops $3,000 on safe-haven demand

Gold worth right now: Sustaining its upward run for the third straight day, gold costs touched one other peak on the Multi Commodity Alternate (MCX) in right now’s buying and selling session, March 14. The April expiry contract opened increased at ₹87,781 per 10 grams and strengthened additional to hit a contemporary peak of ₹88,280, marking a 0.57% soar from the earlier closing worth.

In the meantime, spot gold costs surpassed $3,000 per ounce for the primary time earlier right now, reaching a contemporary all-time excessive of $3,004. Up to now this 12 months, spot costs have already climbed 14.20% after ending the earlier calendar 12 months with a 27.24% acquire.

Indian inventory markets remained closed right now in observance of Holi. Nevertheless, commodity markets opened for the night session at 5 PM. 

Gold costs have been hitting report highs this 12 months, largely pushed by considerations over a possible international financial fallout stemming from Donald Trump’s commerce insurance policies, prompting traders to flee from dangerous property towards safer havens, fueling a sustained rally in gold.

Moreover, gold accumulation by main central banks, notably China, which prolonged its purchases for a fourth consecutive month in February, is supporting the steel’s rally. Moreover, costs are drawing extra help from greenback weak spot under 103.75 amid softer-than-expected CPI information, which strengthened expectations of rate of interest cuts in each the U.S. and India.

Furthermore, fears are additionally mounting that the Trump administration might impose duties on gold imports, prompting a few of the largest banks within the U.S. to move gold bars from London to New York Metropolis on business flights, as per the latest studies. 

Amid the sustained rally, the yellow steel can also be surpassing analysts’ goal worth sooner than anticipated, prompting them to revise their projections increased. World brokerage agency Macquarie lately up to date its 2025 gold worth forecast and now expects the dear steel to achieve $3,500 an oz by the third quarter.

It said that gold stays a key safe-haven asset, because the financial institution’s economists anticipate international financial progress to say no to 0.3% by the third quarter of this 12 months.

Danger-off sentiment grows

Within the newest salvo, Trump threatened to impose 200 per cent tariffs on wine, champagne, and different alcoholic drinks from European Union international locations in retaliation towards the bloc’s deliberate levies on American-made whiskey and different merchandise.

The EU’s tariffs had been introduced in retaliation to Trump’s levies on metal and aluminum. The president mentioned he wouldn’t row again on the metals duties, nor on plans for sweeping reciprocal tariffs on international locations worldwide which are as a result of kick in as quickly as April 2.

Analysts have warned that markets are being wracked by uncertainty amid fears the growing commerce conflict between main international economies might reignite inflation. Wall Road has been hammered, with the S&P 500 slipping right into a correction Thursday, having fallen greater than 10 per cent from its latest peak—a report excessive touched simply final month.

Analysts count on MCX gold worth to the touch ₹92,000

Ajay Kedia, Director of Kedia Advisory, expects gold costs on MCX to achieve ₹92,000 in 2025, pushed by report central financial institution purchases, a weakening U.S. greenback, and Federal Reserve charge cuts. A world commerce conflict and inflation considerations are additionally prone to maintain bullish momentum.

Nevertheless, he famous that excessive volatility is anticipated, as a decision of commerce tensions, stronger financial information, or a Fed pause on charge cuts might set off sharp corrections.

“Gold’s historic tendency to right when all components flip bullish means that sudden market shifts might trigger worth swings of ₹6,000- ₹7,000 per 10 grams earlier than reaching new highs,” he additional added.

Disclaimer: The views and suggestions given on this article are these of particular person analysts. These don’t characterize the views of Mint. We advise traders to examine with licensed consultants earlier than taking any funding selections.