Now Reading: Gold hits Rs 1.61 lakh on MCX, up 4.6% in three sessions
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Gold hits Rs 1.61 lakh on MCX, up 4.6% in three sessions
The Story in Brief
Gold futures on the Multi Commodity Exchange crossed Rs 1.61 lakh per 10 grams on Monday, extending a sharp rally. In three trading sessions, MCX gold has gained more than Rs 7,100 per 10 grams, or roughly 4.6%. Silver rose by over Rs 15,000 per kilogram, a gain of nearly 6.6%.
The surge is driven by US President Donald Trump's announcement of reciprocal tariffs, which stoked global trade uncertainty and pushed investors into safe-haven assets. Spot gold in international markets also jumped, hitting fresh highs above $3,100 per ounce. Import-dependent India sees domestic gold prices rise further when the rupee weakens.
Analysts expect the rally to continue if trade tensions escalate. The key catalyst remains the April 2 deadline for Trump's tariff plan. A sustained move past Rs 1.70 lakh is seen as possible in the coming weeks, though profit-booking at current levels cannot be ruled out.
Indian Opinion Analysis
The trigger for this surge is US President Donald Trump's reciprocal tariff announcement, which rewired global trade expectations and drove a flight into safe-haven assets like gold. Historically, Indian gold prices track international rates plus import duties and rupee movements, a weaker rupee boosts rupee-denominated gold. The Rs 1.61 lakh level is roughly 6-7% away from the global record high of about $3,500 per ounce. Domestic demand may cool at these levels, but institutional buying and central bank accumulation remain supportive. The immediate watch is the April 2 US tariff deadline: if escalation continues, Rs 1.75 lakh is plausible before Diwali.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above. Methodology and corrections.
