Gold Prices Surge Again: Crosses ₹87,500 Mark — Is It the Right Time to Buy?
Notably, gold hit an all-time high of $3,167.57 on April 3. This global trend has clearly reflected in India as well, with 24-carat gold now priced around ₹87,600 per 10 grams.
New Delhi: Gold prices are once again on the rise. On Tuesday, gold futures for June delivery on the Multi Commodity Exchange (MCX) surged by ₹650, crossing the ₹87,500 mark per 10 grams. This comes after a decline of over ₹3,000 in the last two days, bringing some relief to investors with today’s sharp rebound.
As of 9:10 AM, MCX gold futures were trading at ₹87,533 per 10 grams, up 0.70%, nearing record-high levels once again.
Why Are Gold Prices Rising?
The primary reason behind this latest rally is the growing concern over a global trade war. Rising tensions between the US and China over tariffs — along with potential retaliatory actions from the European Union — have led investors to turn once again to gold, a traditional safe haven during uncertain times. This has boosted global demand for the yellow metal.
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Global Market Impact on Indian Prices
On Monday, gold prices in the international market dropped to a four-week low. However, on Tuesday, prices recovered by 0.5%, reaching $2,996.6 per ounce. In the US, gold futures also jumped by 1.3% to $3,010.70.
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Notably, gold hit an all-time high of $3,167.57 on April 3. This global trend has clearly reflected in India as well, with 24-carat gold now priced around ₹87,600 per 10 grams.
How High Can Gold Go From Here?
According to Kedia Advisory, gold may face resistance in the ₹87,500–₹88,000 range on MCX. If this level is breached, further upside momentum is possible. On the downside, key support levels lie at ₹86,440 and ₹86,000 per 10 grams.
In the international market (COMEX), gold is seeing support at $2,940–$2,922 and resistance around $3,000–$3,034.
Is Now the Right Time to Invest in Gold?
If you’re looking at long-term investment, the bullish momentum in gold may continue, making it a viable option. However, for short-term traders, some price fluctuations may still occur.
Experts suggest that while gold remains a safe investment, timing your entry is crucial. Those looking to buy gold may consider waiting for a slight dip or consolidation before investing.
