Spot gold rose 0.6% to $3,000.13 an ounce by 0250 GMT, while US gold futures jumped 0.8% to $3,014.40 per ounce.
The surge came after US President Donald Trump announced sweeping tariffs on Chinese goods, sparking concerns of a deeper global slowdown.
In India, 24 karat gold is priced at ₹8,972 per gram, while 22 karat gold stands at ₹8,224. The rate for 18 karat gold is ₹6,729 per gram, according to Goodreturns.
The dollar slipped ahead of the tariff rollout, making dollar-denominated gold more attractive to foreign buyers. Trump’s administration imposed a 104% tariff on Chinese imports and laid out plans for a baseline 10% import duty across the board.
China responded defiantly, calling the move “blackmail” and promising to “fight to the end.”
“The downward shift in the dollar on tariff worries effectively paved the way for gold to reclaim the $3,000 level,” said Tim Waterer, Chief Market Analyst at KCM Trade. “Despite some bumps, gold is still aiming for new all-time highs given the uncertainty around global growth and inflation.”
Still, rising US bond yields capped some of the metal’s gains.
The 10-year Treasury yield hit its highest level in over a week, reducing the appeal of non-yielding bullion.
Gold touched a record high of $3,167.57 on April 3.
The rally echoes the 1980 surge during the Iranian Revolution, when political risk and inflation fears gripped markets.
Investor appetite remains strong.
Gold-backed exchange-traded funds saw the largest quarterly inflows in three years during January-March 2025, according to the World Gold Council.
Markets now await the US Federal Reserve’s meeting minutes later today (April 9), followed by inflation data through the week — the Consumer Price Index on Thursday and the Producer Price Index on Friday.
Outlook
Rahul Kalantri, VP Commodities at Mehta Equities, said the market remains volatile. “Goldsurged on short-covering and bargain buying but lost steam after the US announced drastic tariff changes,” he noted.
According to Kalantri:
Gold (USD): Support at $2,978–$2,955 per ounce; resistance at $3,040–$3,065 per ounce.
Gold (INR): Support at ₹87,260–₹86,750 per 10 grams; resistance at ₹87,910–₹88,390 per 10 grams.
Investment insight
Analysts suggest gold may continue its upward path if macroeconomic uncertainty persists.
With rate decisions and inflation prints ahead, investors should stay cautious but alert.
